Stocks fell Friday to end a six-day rally, as investors took profit after China released data showing the world’s number-two economy grew at its slowest rate in seven years in the first quarter.
The Philippine Stock Exchange index, the 30-company benchmark, lost 35 points, or 0.5 percent, to close at 7,321.30 Friday. The bellwether was still up 5.3 percent since the start of the year.
The heavier index, representing all shares, also retreated 20 points, or 0.5 percent, to settle at 4,314.67, on a value turnover of P6.2 billion.
Losers outnumbered gainers, 128 to 68, while 46 issues were unchanged.
Five of the 20 most active stocks ended in the green, led by technology company Now Corp., which jumped 11.8 percent to P2.46. Liquor company Emperador Inc. rose 1.3 percent to P8.10.
Bank of the Philippine Islands gained 0.3 percent to P90, while Ayala Corp. went up 0.3 percent to P782. JG Summit Holdings Inc., the investment company of tycoon John Gokongwei, added 0.2 percent to P82.50.
Meanwhile, Japanese investors turned cautious as they assessed the impact of a powerful 6.5-magnitude earthquake that struck the country overnight, killing least nine people and forcing the closure of the factories of several major manufacturers.
Shares around the world have piled higher this week as a string of upbeat data from China and a surge in oil prices fueled hopes for the global economy.
But investors decided to take their cash off the table Friday, sending most markets lower.
Hong Kong lost 0.2 percent in late trade and Shanghai ended down 0.1 percent while Seoul was 0.1 percent lower. But Sydney added 0.8 percent.
Tokyo gave up 0.4 percent, with big-name firms including Sony and Honda among the key losers. Sony dived 3.2 percent and Honda one percent. With Bloomberg, AFP