Bleak economic data dampened investors sentiment, which sent the local bourse back in the negative territory on Friday.
The bellwether Philippine Stock Exchange index (PSEi) slipped 0.48 percent or 34.69 points to its intraday low of 7,238.46, while the broader All Shares dipped 0.19 percent or 8.46 points to close at 4,342.48.
Philstocks Financial Inc. senior research analyst Japhet Tantiangco said dismal economic data weighed on investor sentiment.
Tantiangco said investors digested the growth slowdown in November overseas Filipino workers’ cash remittance and the slumped investment pledges approved by the Philippine Economic Zone Authority (PEZA) last year.
Despite the shed, Tantiangco noted that trading remained active as net value turnover was at P10.39 billion, higher than Thursday’s P10.29 billion.
Foreign funds also exited the market prompting a net foreign selling of P423.29 million on Friday.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said investors took in the huge surge in jobless claims in the United States, which offset President-elect Joe Biden’s stimulus plan.
Latest data on initial jobless claims abroad showed that it soared to 965,000 for the week ending January 9.
Only the mining and oil and services sectors survived as they gained 1.43 percent and 0.37 percent, respectively, while the banks led decliners at 0.73 percent.
Total volume turnover was at 147.24 billion shares valued at P11.03 billion.
Winners outlasted losers, 120 to 103, while 42 securities were unchanged.