Manila, Philippines – Shares treaded water to cap the week in the red in sluggish trade as heavy rains slammed most of Luzon.
Investors also stayed on the sidelines ahead of the State of the Nation Address (SONA) of President Ferdinand Marcos, Jr. on Monday, July 28.
The bellwether Philippine Stock Exchange index (PSEi) extended its losses for a second straight day to close at 6,413.18, down by 0.48 percent.
“Profit taking continued this Friday causing the local market to extend its decline,” brokerage house PhilStocks Financial said in a research note.
“Investors also took a cautious stance while waiting for fresh leads, primarily the President’s upcoming State of the Nation Address as well as Q2 [second quarter] corporate results,” it read.
Corporates are expected to file their quarterly earnings reports with the regulator beginning end-July, with results out in trickles.
Trading was lethargic with net value turnover at P5.4 billion, lower than the year-to-date average of P5.83 billion. Foreigners were net buyers with net inflows at P113.74 million.
The conglomerates countered Friday’s losses, the only sector to end in the green adding 0.07 percent. Property companies shed the most to end trade down 1.21 percent. Decliners edged advancers 112 to 93.
