The main index shed 26.90 points or 0.41 percent to close at 6,548.77 as the Mining and Oil index led the decline while the Holding Firms and Services counters managed to advance. Volume surged to 1.18 billion shares worth P15.09 billion aa losers outnumbered gainers 112 to 68 with 46 unchanged.“Philippine stocks slid following the latest FTSE rebalancing and after investors digested a couple of economic reports that showed a muddy picture of the U.S.
He noted that, “Initial jobless claims came in better than expected, but import prices dropped less than estimated. Retail sales beat expectations but were negative when excluding autos. Manufacturing data also showed a slowing economy.“ Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped on the last trading of the week, along with Asian markets, as investors continue to digest the inflation data in the US while waiting for the policy rate decision of the Fed and the BSP.”
She added that, “the weakening of the peso as it trades at 57 levels and negative cues from the US markets weighed on sentiment.”