MANILA -- The ascension to the presidency of Benigno “Noynoy” Aquino III this week failed to cheer the stock market as share prices dipped at the trading’s close Friday.
The Philippine Stock Exchange index (PSEi) dropped for the second time in a row to settle at 3,290.28 or 0.73 percent lower than 3.315.26 points last Thursday.
The broader all shares index also posted losses after it dipped by 0.88 percent or 18.71 points to 2,096.89.
Trading volume and value also slackened, with 1.43 billion shares worth P2.64 billion changing hands, from 3.383 billion shares worth P3.04 billion on Thursday.
Decliners led advancers 86 to 20 while 66 stocks were unchanged, reflective of the decelerating global economic growth especially in Europe, where jitters over prolonged fiscal crisis remains.
Aside from the Philippines, most Asian stock markets retreated as investors went cautious of the latest US jobs market due for release late Friday (Saturday in Manila). (Virgil Lopez/Sunnex)