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Philippine bourse closes lower ahead of local election

Xinhua, April 29, 2016 Adjust font size:

The Philippine stock market ended the week in the negative ahead of the local election.

Both the bellwether Philippine Stock Exchange index and the broader all-share index each lost 0.05 percent closing respectively at 7,159.29 and 4,245.89.

Trading volume reached 1.09 billion shares worth 6.08 billion Philippine pesos (129.5 million U.S. dollars) with 61 stocks advancing, 114 declining and 55 were unchanged.

Three of the six counters bucked the trend. These were services, mining and oil, and the property sectors.

"Another range-bound session punctuated Friday's trades with about only 10 days left before the local elections," online brokerage 2TradeAsia.com said in its daily stock market comment.

The online brokerage said investors have already factored-in the developments overseas, namely the status quo decision of the Bank of Japan and the U.S. Federal Reserves.

As such, it expects investors' decision to again be influenced by the movement of global crude prices until bigger developments crop up.

Stocks in the 30-company index closed mixed. Among those sold down were SM Prime Holdings, Inc. and the Bank of Philippine Islands. Endit