PH shares out of 7,100 territory

THE Philippine stock index slipped out of the 7,100-point territory on Friday as investors booked profits ahead of the long weekend.

The 30-member Philippine Stock Exchange index dropped 1.44 percent, or 103.03 points, to 7,054.70 while the wider All Shares barometer lost 0.77 percent, or 34.06 points, to finish at 4,386.79.

Japhet Tantiangco, Philstocks Financial Inc. senior research analyst, said investors took profits ahead of the long weekend.

Investors also maintained their cautious stance as they waited for the decision on the quarantine restrictions in the country after October, Tantiangco continued.

Luis Limlingan, Regina Capital Development Corp. managing director, likewise said investors cashed in for the long weekend and geared up for more third-quarter earnings releases.

Meanwhile, Wall Street ended in the green overnight as Dow Jones, S&P 500 and Nasdaq gained 0.68 percent, 0.98 percent and 1.39 percent, respectively.

“Stateside investors looked past the mixed economic data released yesterday, pushing US equities to reach record levels again,” Limlingan explained.

Despite the decline, trading onshore slightly rebounded as net value turnover was at P7.54 billion, marginally higher than the year-to-date average of P7.3 billion.

The exodus of foreign funds persisted with net foreign outflows amounting to P1.24 billion, which Tantiangco said further weighed on the local bourse.

The local sectors likewise ended in a bloodbath with the services leading the decline at 1.94 percent.

Total volume turnover was at 1.12 billion shares valued at P7.7 billion.

Losers outnumbered advancers at 107 to 84 while 45 securities were unchanged.