Philippine Stock Exchange. AP FILE PHOTO
Philippine stocks sank further Friday as investors pulled back due to geopolitical tensions abroad, an analyst said.
The benchmark Philippine Stock Exchange index (PSEi) dipped 0.45 percent, or 32.91 points, to 7,261.30 while the broader all-shares index sank 0.31 percent to 4,301.45.
“The market tracked offshore leads of regional market weaknesses as markets declined on rising geopolitical tensions in Russia as lawmakers drafted a bill on foreign asset freeze in response to trade sanctions,” Gab Aguila, equities analyst with DA Market Securities, said in a text message.
Data from the PSE showed that sub-sectors closed mixed, with only the property index closing with a gain of 0.36 percent. Leading the declines were services, down 1.1 percent, and financials, down 0.49 percent.
“As much as there has been reactions to regional concerns and profit-taking, there has also been sustained momentum of investors taking the dips as opportunities to buy. At near record high levels, that’s positive for creating a solid base of support for the next leg up,” Aquila said.
PSE data showed that 4.35 billion shares changed hands valued at P9.2 billion. A total of 77 companies closed higher, while 92 firms declined and 47 closed unchanged.
Philippine Long Distance Telephone Co. was the most actively traded stock Friday as it dipped 1.6 percent to P3,198 a share.