THE MAIN INDEX ended flat on Friday as investors continued to take cues from the trade negotiations between United States and China.
The 30-member Philippine Stock Exchange index (PSEi) dipped 0.75 point to close at 7,932.96 on Friday. The broader all-shares index likewise shed 5.92 points or 0.12% to 4,751.81.
“Philippine stocks fell as worries lingered regarding the US-China trade talks progress,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.
Reuters reported Thursday that the two countries are moving closer towards signing a trade deal, citing White House Economic Adviser Larry Kudlow, who said the two countries are in constant communication.
“The mood music is pretty good, and that has not always been so in these things,” Mr. Kudlow was quoted as saying in the report.
However, CNN reported on the same day that the negotiations have “reached a rough patch,” citing unnamed sources familiar with the matter.
Wall Street indices were mostly flat after the developments. At the end of Thursday’s trading, the Dow Jones Industrial Average dipped 0.01%, the S&P 500 inched up 0.08% and the Nasdaq Composite lost 0.04%.
Over in Asia, markets ended mixed on Friday. Japan’s Nikkei 225 and Topix indices gained 0.70% and 0.73%, respectively, as South Korea’s KOSPI index climbed 1.07%.
However, Hong Kong’s Hang Seng index ended flat with a 0.01% uptick, while China’s Shanghai SE Composite index fell 0.64%.
Back home, financials was the lone sectoral index that climbed, adding 12.63 points or 0.66% to end at 1,920.85.
The rest of the indices declined: mining and oil by 167.36 points or 1.87% to 8,742.14; property by 18.59 points or 0.44% to 4,119.84; industrials by 38.83 points or 0.38% to 10,082.34; holding firms by 13 points or 0.16% to 7,810.42; and services by 0.42 point or 0.02% to 1,547.47.
Value turnover picked up to P6.85 billion on Friday from P4.18 billion a day ago, with 760.22 million issues changing hands.
Decliners outpaced advancers, 109 against 61, while 63 names were unchanged.
Net foreign selling totalled P404.88 million, slightly lower than Thursday’s P496.57 million. — DAV