The Philippine Stock Exchange index (PSEi) ended the week with a drop nearer to the 6,000-point support level, tracking the correction of the Dow Jones.
According to Summit Securities President Harry Liu, the US market influenced the downward movement of the market on Friday.
“It is [because of]the development with the market in the [United] States. The Dow Jones is on a correction move that caused the drop in today’s index. The PSEi is at support level,” Liu said in a text message.
He also said that the market would move sideways for the next few days.
On Friday, the PSEi fell slightly by 0.27 percent, or 16.01 points to 6,014.94, while the all-shares index declined by 0.39 percent, or 14.59 points to 3,688.47.
The property index increased by 0.64 percent, or 14.86 points to 2,348.76, while mining and oil went up by 0.50 percent, or 59.92 points to 12,053.69.
Though property and mining and oil gained, the other four sectoral indices weakened as financials was down by 0.59 percent, or 8.75 points to 1,466.54, and industrial slumped by 0.66 percent, or 57.97 points to 8,684.52.
Holding firms slid by 0.34 percent, or 18.56 points to 5,495, while services plummeted slightly by 0.48 percent, or 9.01 points to 1,873.26.
The most active firms ended mixed, but only Metrobank stayed flat.
Among the most active advancers were Philippine Long Distance Telephone Co., JG Summit Holdings Inc., SM Investments Corp. and Megaworld Corp., while the decliners include Alliance Global Group Inc., Jollibee Foods Corp., Globe Telecom Inc., Universal Robina Corp. and BDO Unibank Inc.
Losers outnumbered gainers, 94 versus 53, and the unchanged shares stood at 37 shares. Total traded volume stood at 1.1 billion shares while value turnover accounted to P5.9 billion.
On Thursday, the PSEi lost 74.28 points, or 1.22 percent to 6,030.95, while the broader all-shares index erased 30.55 points, or 0.82 percent to 3,703.06.