The local stock market declined as investors opted to cash out for the weekend.
The main index dropped 52.87 points or 0.85 percent to close at 6,195.26 as the Mining and Oil counter led the decline with only the Industrial sector bucking the trend. Volume remained low at 785 million shares worth P5.64 billion as losers beat gainers 124 to 70 with 44 unchanged.
“Philippine shares ended Friday in the negative region following a disappointing start to second quarter earnings from JPMorgan Chase and Morgan Stanley,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also weighed the likelihood of larger interest rate hikes from the Fed and looming recession concerns.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market fell further this Friday as worries over the US' high inflation and the possible aggressive policy response by the Federal Reserve remained weighing on sentiment.”
He added that, “Investors also continued to deal with the surprise 75 basis point policy rate hike by the Bangko Sentral ng Pilipinas and the Peso's sustained position below the 56.00 per US Dollar level.”