LOSSES on the Philippine Stock Exchange continued on Friday, though at a slower pace than the previous day.
The benchmark Philippine Stock Exchange Index (PSEi) fell 61.87 (0.77 percent) and closed at 7,963.11 while the wider All Shares index dipped by 0.83 percent or 39.86 points to settle at 4,750.81.
Total turnover grew by P1.77 billion to P11.9 billion, as losers led winners by 127 to 82 and 36 issues remained unchanged.
Analysts said the market is up for a correction, especially with August considered by many investors as a ghost month beginning on Monday. They also ruled out the smaller-than-expected stimulus package that Bank of Japan announced in Tokyo causing any impact on the Philippine market.
“The Philippine market is getting tired. After moving up so far so quickly, I think it needs to rest just in time for the ghost month,” said Joseph Roxas, president of Eagle Equity Inc.
Victor Benavidez, nominee at Alakor Securities Inc., agreed with Roxas. “We are about to start the ghost month. Therefore, the BOJ’s move on stimulus package, really, is not necessarily connected with our own stock market,” Benavidez said.
All sub-indices ended in negative territory, with the property sector suffering the largest loss of 1.36 percent. Mining and oil moved up 0.40 percent.