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MANILA - (UPDATED 4:47 p.m.) Philippine share prices retreated from Thursday’s record after three major central banks eased policy ahead of the release of key US employment data.
At the Philippine Stock Exchange, the composite index shed 7.30 points or 0.14 percent to close at 5,362.68 on Friday.
Sub-indices posted mixed results with property, services, industrial and financials finishing in the red. Gains in the mining and oil sector tempered the market's decline on reports that President Benigno Aquino III has signed a new mining policy.
Advancers beat decliners, 86 to 81, while 35 stocks were unchanged. A total of 5.70 billion stocks worth P7.43 billion changed hands.
"The Dow Jones' overnight correction overshadowed optimism on select central bank's move to relax monetary policies," said Freya Natividad, investment analyst at 2TradeAsia.com.
Overnight, the Dow lost 47.15 points or 0.36 percent to 12,896.67 even after central banks in China, Europe and Britain loosened monetary policy.
Global markets are awaiting the release of the broader monthly report from the US Labor Department.
"There's still profit-taking because in the past two days, the PSEi has been hitting fresh highs. The market is overbought so investors opt to unload issues that have reached their immediate upside," said Natividad.
Actively traded stocks were Belle, SM Investments, Bloomberry, PLDT and Metro Pacific.
Top gainers were Mabuhay Holdings, Rockwell and Euro-Med, while the biggest losers were Acesite, Mariwasa Siam and Mabuhay Vinyl.
At the Philippine Dealing System, the peso shed 11 centavos against the dollar to close at 41.799 on Friday from 41.68 the previous day.
Volume of trades reached $908.66 million, up from $808.10 million in the previous session.
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