InterAksyon.com means BUSINESS
MANILA - (UPDATED 4:37 p.m.) Philippine share prices on Friday fell on profit-taking, extending their losses to a fourth consecutive session, as a slew of weak economic figures weighed on investor sentiment.
At the Philippine Stock Exchange, the composite index slipped 2.91 points or 0.06 points to close at 5,292.06.
Leading the market's decline was the mining and oil counter, which lost 2.77 percent. Decliners beat advancers, 91 to 63, while 47 issues were unchanged. A total of 897.89 million stocks worth P5.54 billion changed hands.
"The local barometer ended the week in the red as investors continued to retest the 5,300 resistance. The release of soft economic indicators from Japan, China and the United States did not help either," said Freya Natividad, investment analyst at 2TradeAsia.com.
"We're seeing a mixed performance with the index moving within the 5,300 to 5,400 range unless there's positive or encouraging news from Europe over Spain's bailout," Natividad said.
Japan exports fell for a third straight month in August while China manufacturing activity likely contracted for the 11th month in a row in September. US jobless claims showed little improvement.
Overnight, the Dow Jones industrial average inched up 18.97 points or 0.1 percent to close at 13,596.93.
"Investors are also awaiting the results of the meeting of European monetary officials where they will discuss Spain's bailout," said Natividad.
Actively traded stocks were Metrobank, Alliance Global, Universal Robina, Philippine Seven and SM Investments.
Top gainers were Jolliville, Panasonic and ABS-CBN, while the biggest losers were Philex Petroleum, Anchor Land and A Brown.
InterAksyon.com means BUSINESS
BUSINESS NEWS
