Share prices fell despite gains in the US after the Philippine government cast doubts about meeting last year’s economic growth target.
The main index dropped 82.66 points or 1.30 percent to close at 6,296.20 as Banks led the retreat with only Miners bucking the trend. Volume grew to 1.14 billion shares worth P4.74 billion as losers outnumbered gainers 95 to 86 with 59 unchanged.
Philstocks Financial Research Manager Japhet Tantiangco said local share prices weakened after National Economic and Development Authority Secretary Arsenio M. Balisacan said the country may have difficulty hitting even the low end of its 6 percent to 6.5 percent gross domestic product goal due to the impact of a string of typhoons last year.
Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine stocks succumbed to profit taking ahead of the weekend as investors assessed pronouncements made by the US administration regarding tariffs, OPEC+, and interest rates among others.”
Overnight however, US markets surged after former President Trump stated in a virtual address to the World Economic Forum on Thursday that he would "demand an immediate drop in interest rates."