Philippine stocks fell as investors pocketed recent gains ahead of the weekend.
The main index lost 116.64 points or 1.8 percent to close at 6,379.87 with only the Mining and Oil counter advancing.
Volume rose to 6.77 billion shares worth P8.62 billion as losers outpaced gainers 110 to 92 with 47 unchanged.
“The local bourse plunged as investors took profits out of its two-day rally,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
He noted that, “Overall sentiment remains bearish as our economic and corporate prospects remain clouded by the prolonged implementation of the stringent quarantine measures in the country, particularly the NCR Plus which includes the country’s economic powerhouse.”
Regina Capital Development Corporation Managing Director Luis Limlingan said “Investors sold ahead of the weekend and to close the month of April, as many refocused on the US after another round of positive earnings and the release of the first-quarter GDP.”
He added that, “Regional share prices continued the uptrend as bullish demand forecasts overshadowed the worries over the rising COVID-19 cases in Brazil, India, and Japan.”