LOCAL shares were dragged lower on Friday with some blue chips hit by heavy sell-offs.
The bellwether Philippine Stock Exchange index (PSEi) dropped 0.56 percent or 48.01 points to 8,467.56 at the closing bell. The broader All Shares shed 0.47 percent or 23.63 points to end at 5,063.56.
Papa Securities Corp. equity trader Gabriel Perez tagged JG Summit Holdings, Inc., which finished the day down 2.75 percent or P2.05 at P72.50 apiece, as having weighed on the market.
“JG Summit dragged the index down as foreigners sold the stock to a net value of P167 million, the second largest after Ayala Land, which is down 0.79 percent day-on-day at P250 million,” Perez said.
Ayala Land, Inc. lost P0.35 to close at P43.90 per share.
“The index traded in the red the entire day. Players had hoped the market would close up since regional bourses traded in the green the entire day,” Perez added.
“We also saw selling pressure on the country as the Asia Pacific region was up when Philippine net foreign selling surpassed the P1 billion mark again at P1.04 billion. The last time we saw this much selling was last Monday, Feb 12.”
Only the mining and oil sector managed gains, up 1.15 percent at the closing bell.
Over 3.2 billion issues valued P9.2 billion changed hands.
Decliners outmatched advancers, 122 to 91, while 39 issues remained unchanged.