The first full week of equities trading for 2014 ended with the benchmark index ending not near the 6,000-point level.
“Investors grope far from as the market spent the first seven sessions of the year alternating between gains and losses. Foreign funds have continued to be negatively biased amid a seeming lull on the domestic news front and a bevy of fresh economic leads from abroad,” Jun Calaycay, Accord Capital Equities Corp. analyst, said on Friday.
The Philippine Stock Exchange index (PSEi) dipped further on Friday by 1.59 percent during the last session for the week, or 94.63 points to 5,842.88, while the wider all-shares barometer went down by 1.26 percent, or 45.74 points to 3,597.31.
Except for services, majority of the sectoral indices also capped the week on the red side, with holding firms registering the largest fall, shedding 2.56 percent, or 139.16 points to 5,288.40.
Next to holding firms were financials, which trimmed 1.86 percent, or 26.79 points to 26.79 points to 1,411.66, and industrial, which ended Friday’s trade with a 1.21-percent drop, or 107.44 points to 8,771.26. Mining and oil also went down by 0.79 percent, or 101.86 points to 12,725.54, while the property counter plummeted by 0.83 percent, or 18.71 points to 2,228.55.
The services counter, on the other hand, enjoyed a flat gain of 0.01 percent toward the end of the session, or 0.17 points to 1,867.96.
Total value turnover didn’t change much at P5.6 billion. Decliners, however, continued to outnumber advancers, 105 to 50, while 39 issues were unchanged.
Some of the top losers on Friday were Metropolitan Bank and Trust Co., SM Prime Holdings Inc., Universal Robina Corp., Bank of the Philippine Islands, Ayala Corp., SM Investments Corp., Alliance Global Group Inc., Manila Electric Co., Puregold Price Club Inc., Globe Telecom Inc. and Robinsons Land Corp.
After a slight improvement on Wednesday, Philippine shares retreated again on Thursday as market participants failed to find new leads.
The PSEi fell 0.82 percent, or 48.97 points to 5,937.51, while the wider all-shares index went down by 0.67 percent, or 24.54 points to 3,643.05.