Philippine stocks end lower

The local stock index dipped on Friday ahead of an extended weekend break but managed to stay afloat the 5,200 support level amid firm regional markets.

The Philippine Stock Exchange index shed 12.7 points, or 0.24 percent, to close at 5,206.81 in mixed trade at the first day of the so-called Ghost Month in the lunar calendar when Asian investors tend to be extra-cautious. For the week, the index was down by about 1 percent.

The PSEi was led lower by the financial, services and property counters but the impact was tempered by the gains made by the industrial, holding firm and mining/oil counters.

Value turnover amounted to P5 billion. Despite the overall index decline, there were 77 advancers, which edged out 68 decliners, while 40 stocks were unchanged.

The index was led lower by Metrobank (-1.42 percent) after a surprise cut in its index weight during the latest MSCI review. Globe Telecom (-1.66 percent), JFC (-1.4 percent) and BPI (-1.59 percent) were also among the index decliners.

Ayala Land, SM Prime, PLDT, BDO and AEV also contributed to the day’s decline.—Doris C. Dumlao