MANILA, May 8 (PNA) — Philippine stocks extended their losing streak into a third session on Friday after reports showed a contraction in exports of China.
The barometer Philippine Stock Exchange index (PSEi) declined 53.06 points to 7,763.21 from previous day’s 7,816.27 close.
Jun Calaycay, an analyst at Accord Capital Equities Corp., said reports of the shrinkage in Chinese exports may have contributed to the return of pessimism in the markets.
“As the world’s second largest economy and its most populous, China has been playing a central role in the global demand and supply equation and has thus a bigger influence to the global economic outlook and market sentiments,” he said.
The market’s slump was led by share prices of industrial and property sectors that lost 1.74 percent and 1.02 percent.
The financials and services counters ended slightly higher.
Volume of transactions reached 745.49 million valued at PHP6.84 billion.
Decliners dominated advancers, 101 to 71, while 57 issues were unchanged.
The day’s top active stocks were led by Universal Robina Corp., Metropolitan Bank & Trust Company, GT Capital Holdings Inc., Ayala Land Inc. and First Gen Corp. (PNA)