Weak trading seen to continue

Inventors will be keeping an eye on support levels after the Philippine Stock Exchange index (PSEi) slipped below the key 7,000 mark earlier in the week.

That next key level of support is pegged at 6,860, according to Gerardo Limlingan, managing director at Regina Capital Development.

The PSEi sank lower Thursday, the last trading day of the week, as investors locked in gains ahead of the holiday-shortened week. Stocks were earlier battered as investors remained worried about the pace of global economic growth. The Bangko Sentral ng Pilipinas also announced late Thursday that it was keeping policy rates unchanged, which was widely expected.

Data from the local bourse showed that the PSEi was down 0.14 percent, or 9.36 points, to 6,917.55 on Thursday. The broader all-shares index was down 0.1 percent, or 4.01 points, to 3,991.08.

Sub-sectors also saw mixed results on Thursday. The industrial sector led gainers with a 0.54-percent increase, followed by mining and oil, and financials. The biggest decliner was services, down 0.74 percent, followed by holding companies, down 0.6 percent.  Miguel R. Camus