Philippine shares ended the week in the bear market territory despite a very little recovery, as it failed to escape the 5,700-point mark.
“It was a tough week for the market as the economic condition of US showed increasing confidence on attaining recovery. This, however, is a double-edged sword. The largest world economy is nearing an imminent asset purchase pullback once labor, inflation, and growth show sustained positive figures,” Maria Arlysa Narciso, an analyst at AB Capital Securities, said.
“As this worry continued to hound the local market, it slipped and fell -4.12 percent week-on-week. This Friday, it touched its lowest level of 5,709.34,” she further said.
On Friday, the Philippine Stock Exchange index (PSEi) slightly rebounded, gaining a bit by 0.08 percent, or 4.60 points to 5,767.13, while the wider all-shares index went up by 0.09 percent, or 3.28 points to 3,542.76.
“For today [Friday], there was bargain-hunting among blue chips but decliners were still more than advancers,” Abbygayle Estrella, another analyst at AB Capital, said.
Except for holding firms and services, majority of the sectoral indices were still trapped on the red side.
Holding firms climbed a bit by 0.85 percent, or 44.87 points to end at 5,327.85, while services gathered additional 10.28 points, or 0.56 percent to 1,844.40.
The property counter, on the other hand, posted the largest fall, plummeting by 0.88 percent, or 19.02 points to 2,154.06, followed by industrial, which went down by 0.76 percent, or 63.49 points to 8,341.66.
Mining and oil also retreated further, losing by 0.58 percent, or 68.20 points to 11,783.99, while financials ended flat at 0.17 percent, or 2.32 points to 1,394.95.
Total value turnover was a bit unchanged and stood at P9.32 billion toward the end of the session. Decliners still edged advancers, 81 to 69.
Some of the most actively traded stocks on Friday were Philippine Long Distance Telephone Co., Alliance Global Group Inc., Ayala Land Inc., SM Investments Corp., Ayala Land Inc., Robinsons Retail Holdings Inc., Metropolitan Bank and Trust Co., Megaworld Corp., Universal Robina Corp. and Puregold Price Club Inc.
On Thursday, several uncertainties from inside and outside the country prolonged the downtrend in the Philippine equity market, pulling the benchmark index down to 5,700-point mark after a slight recovery.
The PSEi slumped heavily on Thursday after a slight recovery on Wednesday, falling by 2.14 percent, or 126.21 points to 5,762.53, while the broader all-shares index dipped by 1.91 percent, or 68.90 points to 3,593.48.