By Arra B. Francia, Reporter
STOCKS eked out gains on Friday, amid sideways movement for most of the session as investors tracked the weakness of most markets abroad.
The bellwether Philippine Stock Exchange index (PSEi) added 0.14% or 10.27 points to close at 7,151.52, extending gains for the third consecutive session. The broader all shares index meanwhile slipped 0.06% or 2.75 points to 4,359.65.
“Philippine shares traded slightly higher though with very little value turnover once again as the broader market was weaker on a multitude of reasons,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message, citing escalating geopolitical tensions between the United States and Saudi Arabia, Brexit negotiations, and the steep decline in Chinese markets.
In addition, markets in the United States also fell overnight, as investors focused on the trade war between the US and China, hawkish remarks from the US Federal Reserve’s minutes, as well as the possibility that tech stocks are now overvalued.
“(The) index traded weakly during the morning on account of more negative sentiment from weak US markets last night,” Papa Securities Corp. Trader Gabriel Jose F. Perez said in an email.
Overnight, the Dow Jones Industrial Average dropped 1.27% or 327.23 points to 25,379.45. The S&P 500 index shed 1.44% or 40.43 points to 2,768.78, while the Nasdaq Composite index lost 2.06% or 157.56 points to 7,485.14.
Chinese stocks also led the decline in Asia, as both Shanghai Composite index and Shenzhen Composite index both fell to fresh four-year lows.
Locally, sectoral indices were split between gainers and losers. The mining and oil counter led the advance, jumping 2.21% or 207.94 points to 9,617.80, followed by property which gained 0.6% or 21.41 points to 3,577.81. Financials also went up 0.42% or 6.78 points to 1,612.55.
On the other hand, industrial went down 0.28% or 30.83 points to 10,806.8. Holding firms dipped 0.24% or 16.36 points to 6,867.37, and services fell 0.1% or 1.5 points to 1,487.69.
Advancers outpaced decliners, 92 to 88, while 48 names remained unchanged.
Turnover increased to P4.94 billion after some 2.17 billion issues switched hands, compared to the previous session’s P4.02 billion.
Net foreign outflows continued, rising to P220.42 million from the P149.63 million recorded on Thursday.
“Despite the index closing in the green once again, note that the continued presence of foreign selling still remains to be an overhang for the market,” Papa Securities’ Mr. Perez said.
Eleven of the 20 most actively traded stocks ended in positive territory, including Semirara Mining and Power Corp. (up 5.73%), Jollibee Foods Corp. (up 1.92%), BDO Unibank, Inc. (up 1.18%), Bank of the Philippine Islands (up 1.16%), and Aboitiz Power Corp. (1.01%).
The same list showed nine decliners, including Globe Telecom, Inc. (down 4.25%) and San Miguel Corp. (down 4.24%).