Philippine stocks end week in the red

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THE Philippine Stock Exchange — PHOTO BY SANTIAGO J. ARNAIZ

By Arra B. Francia, Reporter

LOCAL stocks closed the week in the red, as the lack of catalysts failed to sustain the market’s early day gains.

The Philippine Stock Exchange index (PSEi) edged lower by 0.11% or 9.34 points to finish at 8,372.51 on Friday, while the all-shares index also dropped 0.25% or 12.69 points to 5,052.79.

“Philippine markets still finished in the red as the broader market lacked a stronger catalyst today. Other news kept the market flat to down,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.

In contrast, international markets were mostly up, amid United States President Donald J. Trump’s signing of new tariff regulations, imposing 25% tariffs on steel and 10% on aluminum, with the exception of Canada and Mexico.

Hopes for better relations between the US and North Korea also propped up investor sentiment, after Mr. Trump said he was prepared to meet North Korea’s Kim Jong Un in what would be first face-to-face meeting between the two countries’ leaders.

With this, the Dow Jones Industrial Average gained 0.38% or 93.85 points to 24,895.21; the S&P 500 index rose 0.45% or 12.17 points to 2,738.97, and the Nasdaq Composite index was up 0.42% or 31.3 points to 7,427.95.

Most Asian indices tracked the performance of US markets, closing the week in positive territory.

Two sectoral indices managed to post gains at the PSE, as property climbed 0.72% or 26.84 points to 3,774.07, while industrial added 0.27% or 30.50 points to 11,473.02.

Services led the day’s losers, giving up 0.39% or 6.92 points to close at 1,755.36. Financials followed with a decrease of 0.26% or 5.65 points to 2,180.75. Holding firms lost 0.21% or 17.46 points to 8,376.84, while mining and oil was down 0.14% or 16.74 points to 11,521.45.

A total of 2.57 billion issues switched hands, valued at P6.58 billion, up from Thursday’s turnover of P5.83 billion. Even as the main index declined, advancers still outpaced decliners, 125 to 82, while 54 issues were unchanged.

Net foreign outflows prevailed for the day, as foreign investors sold down P573.73 million worth of stocks, lower than the net sales of P715.67 million on Thursday.

Aboitiz Equity Ventures, Inc., which reported its net income fell by 4% to P21.6 billion, saw its shares advance 1.43% to P74.30 each. Metropolitan Bank and Trust Co was the most actively traded stock of the day, adding 0.05% to P96 each.