Stocks continue to weaken

Local stocks sank for an eight-straight session as the benchmark index moved in lockstep with the region amid fresh concerns over the impact of an interest rate increase by the US Federal Reserve and as third-quarter corporate earnings at home failed to lift sentiments.

The Philippine Stock Exchange index (PSEi) was down 0.17 percent, or 12.05 points, to 6,897.77 by Friday closing bell. The broader all-shares index was also down 0.72 percent, or 28.78 points, to 3,978.30.

“Third-quarter results were mixed,” Jonathan Ravelas, chief strategist at BDO Unibank Inc., said in an interview. “So added to the mixed results, there’s the higher probability of a rate hike and that continued to bring the market lower.”

Data from the PSE showed that trading volume was relatively low Friday, with 1.3 billion shares valued at P7.37 billion changing hands. A total of 52 companies gained while 118 fell and another 46 closed unchanged.

Subsectors also ended mixed, with holding firms emerging the only gainer as it rose 0.52 percent. Losers were led by mining and oil, down 1.28 percent, and industrial, down 1.16 percent. Miguel R. Camus