The local stock market weakened again yesterday after a two day break as investors preferred to hold on to cash ahead of the extended weekend.
The Philippine Stock Exchange index (PSEi) dropped 37.82 points, or 0.63 percent, to end the week at 5,928.45 with sectoral indices evenly mixed.
Volume improved but remain lower than average at 1.34 billion shares worth P5.09 billion as gainers beat losers 114 to 78 with 47 unchanged.
“Investors sold ahead of the long weekend as the dollar retreated after the Federal Reserve signaled continued stimulus to prop up the world’s largest economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun noted that, “Investors are still not confident and are extremely cautious as the business environment remains uncertain.”