Shares at the local bourse plunged by 72.43 points to 5,983.56 on the last trading day of the week, down by 1.20 percent from Thursday’s close as investors booked more gains to avoid any uncertainties over the weekend.
In a text message, Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said the negative sentiment overseas influenced the trading session as investors digest the inflation data in many countries, raising fears of higher interest rates.
“In the US, increasing bond yields also weighed on sentiment,” she said.
On Friday, the net market value turnover only reached P3.74 billion.
Miners and Industrials were able to post gains, up by 0.49 percent and 0.17 percent, respectively. Meanwhile, Properties lost the most by 2.43 percent.
Among index members, Manila Electric Company had the biggest gain of 4.29 percent, while Globe Telecom, Inc. was at the bottom, losing 5.97 percent.