Stocks dip after climbing close to record highs
Image from pse.com..ph
MANILA, Philippines—The local stock market on Friday closed a tad lower for the second session after climbing close to record highs in intra-day trade as investors consolidated recent gains amid lackluster regional markets.
The main-share Philippine Stock Exchange index shed 3.58 points or 0.07 points to finish at 5,432.36. But despite the dips in the last two days, the index was up by 62.64 points or 1.17 percent week-on-week.
The market was weighed down most by the property counter (-0.9 percent) while the financial, services and mining/oil counters also ended in the red. The industrial and holding firm sub-indices eked out modest gains.
Value turnover amounted to P6.49 billion. Despite the overall index dip, advancers narrowly edged out decliners 82-80 as investors focused more on trading opportunities in non-index stocks.
