Stocks end the week in the red on last-minute selling pressure

Philippine stocks ended the week in the red, tracking Wall Street’s decline overnight, on last-minute selling pressure.

“Last-minute selling pressure wiped out all intra-day gains on the local bourse, with investors reacting to insights from yesterday’s Monetary Board meeting where Bangko Sentral ng Pilipinas Eli Remolona Jr hinted two potential 25-basis-point rate cut later this year,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Meanwhile, the Philippine Stock Exchange suspended the trading of three listed firms Friday for missing the deadline on the submission of 2023 annual financial reports. It also suspended the trading of Philippine Infradev Holdings Inc., a company owned by businessman Antonio Tiu.

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