The benchmark Philippine Stock Exchange index lost about 2.9 percent to 7,714.82 during the holiday-shortened week.
There was no trading on Friday due to the Labor Day holiday, although bourses elsewhere in the region ended mixed, after a sell-off on Wall Street the night before.
“PSEi was on a third day losing streak as investors continued to lock in gains after the United States economy grew 0.2 percent due to weather conditions,” stock brokerage firm I.B. Gimenez said in its April 30 report.
It added that the powerful United States Federal Reserve “might soon raise rates” with unemployment steady, and inflation moving toward its target of 2 percent. I.B Gimenez said the PSEi could “possibly rest on the 7,400 level” though better-than-expected first quarter corporate earnings could take it higher.
Jonathan Ravelas of BDO Unibank Inc., echoed this sentiment. He said the PSEi’s week-end decline to 7,714.82 “signals further tests toward the 7,500 levels.” He added that “pullbacks” should be limited to the 7,800 to 7,850 levels. Miguel R. Camus