The stock market swung back in the red, but stayed in the 7,200 territory on Friday on renewed profit taking and the absence of fresh catalysts.
The Philippine Stock Exchange index (PSEi) declined by 0.35 percent or 25.22 points to finish at 7,272.80, while the wider All Shares shed 0.02 percent or 0.94 points to close at 4,349.35.
Philstocks Financial Inc. research associate Claire Alviar blamed the failure of the main index to breach the 7,300 resistance to the lack of new catalysts and on investors cashing in to avoid uncertainties this weekend.
The 2.65-percent share loss of Sy-led heavyweight SM Investments Corp. also dragged the market, she added.
According to her, investors are now looking into the development of a coronavirus vaccine.
“We think the ongoing issues [over] the vaccine at home are not helping to lift sentiment, but rather it becomes a hurdle on recovery hopes,” Alviar said.
Foreign funds continued to flee, with the PSEi recording a net foreign selling of P1.11 billion on Friday, which added to the index’s negative performance, she added.
Local sectors ended mixed, with industrial leading gainers at 0.78 percent. Financials fell the most at 1.16 percent.
Total volume turnover was at 23.55 billion shares, valued at P11.88 billion.
Winners and losers tied at 110, while 50 securities were unchanged.