Philippine stocks ended the week in the red, tracking Wall Street’s decline overnight, on last-minute selling pressure.
The 30-company Philippine Stock Exchange index closed at 6,618.69, down by 9.51 points, or 0.14 percent from the previous day’s finish, while the broader all-shares index lost 0.37 points, or 0.01 percent, to settle at 3,524.15.
“Last-minute selling pressure wiped out all intra-day gains on the local bourse, with investors reacting to insights from yesterday’s Monetary Board meeting where Bangko Sentral ng Pilipinas Eli Remolona Jr hinted two potential 25-basis-point rate cut later this year,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Sectoral indices ended mixed. Property led gainers, increasing 1.39 percent, followed by mining and oil, with 0.46-percent gain. Services declined 1.6 percent, while financial dropped 0.43 percent.
Meanwhile, the Philippine Stock Exchange (PSE) suspended the trading of three listed firms Friday for missing the deadline on the submission of 2023 annual financial reports.
The PSE said in a notice posted on its website it suspended the trading of two Dennis Uy-owned firms Phoenix Petroleum Philippines Inc. and Chelsea Logistics and Infrastructure Holdings Corp.
It also suspended the trading of Philippine Infradev Holdings Inc., a company owned by businessman Antonio Tiu.
Another Tiu-owned firm AgriNurture narrowly escaped trading suspension after it submitted its annual report Thursday.
The PSE also lifted on Friday the trading suspension imposed against Roxas Holdings Inc. on Feb. 15, 2024 after it submitted annual report for the fiscal year ended Sept. 30, 2023 and quarterly report for the period ended Dec. 31, 2023.
Shares of eight more listed firms remain suspended for non-submission of reportorial requirements.
These are Abra Mining and Industrial Corp., Bogo-Medellin Milling Company Inc., Globalport 900 Inc., IP E-Game Ventures Inc., Manila Jockey Club Inc., MJC Investments Corp., Philab Holdings Corp. and Philippine National Construction Corp.