Investors chose to pocket gains to in closing out the week after racking up gains over the past the four trading days on optimism as the US Federal Reserve decided to keep its rates steady.
The Philippine Stock Exchange index (PSEi) declined by 0.50 percent or 38.75 points to 7,723.60. The wider All Shares decreased by 0.36 percent or 16.34 points to 4,586.71.
“The market declined as investors took the opportunity to bag gains from previous’ sessions ascent,” Mary Jaimielyn Mabute, investment analyst at F. Yap Securities Inc., said.
“Net foreign selling also contributed to the decline, as almost half of the index constituents have registered net foreign selling, particularly Security Bank Corp., JG Summit Holdings Inc., and Universal Robina Corp.,” she added.
Except for the mining and oil and property sectors, most sectoral indexes declined led by the industrial subindex.
Some 1.307 billion shares were traded, valued at P7.61 billion. Advancers and decliners were nearly even, 90 to 89, while 51 issues were unchanged.
On Thursday, the PSEi increased by 1.13 percent or 86.93 points to 7,762.35, while the wider All Shares rose by 0.72 percent or 32.71 points to 4,603.05.