Philippine shares slumped on Friday with analysts pointing to continued profit-taking and the lack of positive news.
The bellwether Philippine Stock Exchange index (PSEi) lost 1.33 percent or 110.01 points to close at 8,144.02 while the wider All Shares dropped 1.25 percent or 60.77 points to end at 4,785.86.
“People [are]still taking profits while waiting [for]more definitive good news,” said Eduardo Francisco, president of BDO Capital and Investments Corp.
All sub-sectors were in the red, with property and holding firms declining the most by 1.47 percent and 1.52 percent, respectively.
More than 1.4 billion shares valued at P9.7 billion were traded.
Decliners outmatched advancers, 134-59, while 45 issues remained unchanged.