PSEi down on risk-off stance ahead of long weekend


PHILIPPINE shares retreated on Friday as investors liquidated positions on risk-off sentiment ahead of the long weekend.

The benchmark PSEi closed down 0.56 percent or 44.17 points at 7,814.17. The broader All Shares declined by 0.43 percent or 20.23 points at 4,679.29.

Joylin Telagen, research head at IB Gimenez Securities, said market performance can be traced to a risk-off sentiment ahead of the three-day weekend, with the end of Ramadan or Eid’l Fitr on Monday a holiday.

“But for next week, we might see a rebound, because of possible window dressing,” Telagen said.

Regina Capital Corp. Managing Director Luis Limlingan said the market discounted the Bangko Sentral ng Pilipinas (BSP) decision decided to keep rates steady on Thursday.

“Philippine markets closed the week testing the 50-day moving average of around 7,800 regardless that US stocks eked out small gains led by a strong rally in the health care sector, on the back of a new reform healthcare plan and a stabilized oil price,” he said.

More than 1.7 billion shares, valued at P6.89 billion, changed hands. Advancers led decliners, 100 to 98, while 48 issues traded unchanged.


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