THE Philippine stock index concluded the trading week in the red amid profit taking ahead of the long weekend and the decline of US stocks overnight.
The bellwether Philippine Stock Exchange index dipped by 0.5 percent, or 33.91 points, to finish at 6,786.62 while the broader All Shares shed 0.02 percent, or 0.89 points, to end at 4,204.11 on Friday.
Claire Alviar, Philstocks Financial Inc. research associate, said traders continued to book gains in anticipation of the upcoming long weekend.
She added that the negative sentiment abroad cascaded down the local bourse as “investors monitor Federal Reserve’s Jackson Hole Symposium in which investors look for more details into the Fed’s plans to taper monetary stimulus.”
The Dow Jones, S&P 500 and Nasdaq lost 0.54 percent, 0.58 percent and 0.64 percent, respectively.
Luis Limlingan, Regina Capital Development Corp. managing director, likewise attributed the market’s slip to the anticipation of the Jackson Hole Symposium.
Neighboring Asian markets, on the other hand, were mixed.
Tokyo fell by 0.36 percent, Hong Kong slipped by 0.12 percent, Jakarta slumped 0.37 percent and Singapore lost 1 percent while Shanghai was up 0.59 percent, Seoul climbed 0.17 percent, Bangkok gained 0.7 percent and Ho Chi Minh rose 0.82 percent.
A report from The Associated Press said the Asian indices were mixed as “investors awaited more guidance on the US Federal Reserve’s easing plans.”
Meanwhile, the local market posted a net market value turnover of P6.35 billion, which settled above the month-to-date average of P5.8 billion.
Foreign funds continued to flow in as net foreign buying stood at P631.26 billion.
Most local sectors were in the negative territory – with the property index losing the most at 1.57 percent – while the industrial and banks gained 0.49 percent and 0.17 percent, respectively.
Total volume turnover was at 1.62 billion shares valued at P6.86 billion.
Decliners edged out advancers at 100 to 84 while 64 securities were unchanged.