SHARE prices dipped on Friday, the second consecutive day of losses, as the local market mimicked the decline on Wall Street triggered by technology sell-offs.
The benchmark PSEi dropped 1.03 percent or 82.27 points to close at 7,882.22. The broader All Shares dipped by 0.69 percent or 32.41 points to settle at 4,695.15.
Luis Limlingan, managing director of Regina Capital Development Corp. said the market declined “with US markets continuing to be pulled down by the decline in tech stocks.”
“Nasdaq has been down for the past 4 days and sees no signs of stopping,” Limlingan said.
“Locally, investors were negatively surprised by cash remittances dropping to a 15-month low of $2.08 billion in April, partly due to a stronger dollar as well as a decline in remittances from land-based workers,” Limlingan noted.
Remittances last April were the lowest since January 2016’s $1.99 billion.
Sectoral indices were mixed. Holding Firms retreated by 2.11 percent, Financials declined by 0.73 percent, Services fell by 0.67 percent and Industrials slipped by 0.19 percent.
Among the most actively traded issues, GT Capital Holdings Inc. fell by 3.15 percent, SM Investments Corp. dropped 3.06 percent and BDO Unibank declined 1.37 percent.
More than 2 billion shares, valued at more than P29 billion, changed hands. Declines outnumbered advancers, 111 to 85, while 50 issues were unchanged.