MANILA—The local stock market weakened for a second session on Friday as investors continued to pocket gains from the rebound earlier in the week as the so-called “ghost month” period drew near.
The main-share Philippine Stock Exchange index shed 36.49 points or 0.54 percent to close at 6,763.62. For the week, the index gained 142.6 points or 2.15 percent as equities were boosted by President Aquino’s mid-term State of the Nation Address and positioning ahead of the second-quarter corporate earnings reporting season.
“The market has again reached high levels and the ghost month is nearing,” said Joseph Roxas, president of Eagle Equities Inc.
The “ghost month” in the lunar calendar, which will run this year from Aug. 7 to Sept. 4, is the period when many investors deem it unlucky to make big investment positions, likewise coinciding with the peak of summer vacation in the West, thereby resulting in thin trading volumes.
The day’s decline was led by the financial and services counters which both fell by over 1 percent.
Turnover was thin at P5.63 billion as many investors preferred to stay on the sidelines. There were 60 advancers against 79 decliners while 48 stocks were unchanged.