Roundup: Philippine bourse closes lower as investors stay at sidelines

The Philippine stock market failed to sustain its rally on Friday as investors stay at the sidelines.

The bellwether Philippine Stock Exchange index lost 0.14 percent or 8.98 points to 6,654.45, while the broader all-share index slipped by 0.18 percent or 6.76 points to 3,839.97.

Trading volume reached 5.12 billion shares worth 6.28 billion Philippine pesos (132.39 million U.S. dollars) with 109 stocks advancing, 62 declining and 34 were unchanged.

Of the six counters, only the holding firms and the mining and oil sectors bucked the trend.

"Attention might fixate on the local equities' staying power above the 6,600 level," online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage said most local investors are waiting for institutional fund managers' response to capital flow movement in the region.

The highlight, it said, remains China's growth trajectory and the price of oil.

"Most have already factored in the U.S. Federal Reserve's cautious stance on interest rates," 2TradeAsia.com said.

The online brokerage advises investors to continue trading within range by taking advantage of dips and pocketing gains when the opportunity arises.

Stocks in the 30-company index finished mixed. Among those sold down were Jollibee Foods Corp. and Megaworld Corp., but index heavyweight and telephone giant Philippine Long Distance Telephone Co. managed to buck the trend. Endit