By the closing bell, the benchmark Philippine Stock Exchange index had plunged by 30.53 points, or 0.47 percent, to close at 6,511.93.The broader All Shares index also dropped by 4.42 points, or 0.13 percent, to 3,477.13.Luis Limlingan, managing director at Regina Capital Development Corp., said Philippine shares extended their losses as investors remained cautious amid 'persistent concerns over inflation and elevated interest rates.'Inflation for April slightly picked up to 3.
Market participation was weak, resulting in a net market value turnover of P3.37 billion.Most sector indices ended in red territory, with property declining the most by 0.94 percent. On the other hand, the mining and oil index was the biggest gainer, up 0.97 percent.Advancers outnumbered decliners, 109 against 84, while 48 were unchanged.Meanwhile, the Philippine currency ended the week weaker against the greenback, closing at P57.42 against the dollar on Friday, down by four centavos from P57.