Stocks end lower anew on lack of positive leads

Share prices plunged yesterday due to the absence of positive leads, which left the market reeling at the week’s close.

The Philippine Stock Exchange index fell to 7,908.89, down 1.03 percent, or 82.36 points, from its previous session.

The broader All Shares index also took a dip, losing 0.58 percent or 28.32 to settle at 4,823.32.

“Developments from abroad kept the market in a wait-and-see mode heading into the weekend,” said Luis Limlingan of Regina Capital.

“The disappointment over weak retail sales overshadowed optimism over US-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row,” he said.

Gabriel Jose Perez of Papa Securities said Thursday’s recovery following a four-session slide was not an indication that the market was “out of the woods” as the index still failed to break out of the 8,000 mark.

Friday’s session was a complete turnaround from the previous day’s outcome, with sectoral indices mostly covered in red.

Financials, after Thursday’s huge gain, posted the biggest drop yesterday as it declined 2.65 percent, followed by services which lost 1.38 percent.

Property and holding firms, however, managed to stay in the green, adding 0.17 percent and 0.12 percent, respectively.