Philippine shares pulled back on Friday as wary investors booked gains after the US economy contracted for a second consecutive quarter.
The benchmark Philippine Stock Exchange index (PSEi) sank 0.99 percent, or 63.33 points, to 6,315.93 while the broader All Shares index shed 0.76 percent, or 26.14 points, to 3,398.82.
“Philippine shares were sold to close the month after successive bargain hunting session, as they became wary of the negative US [gross domestic product] reading,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.
Furthermore, the PSEi was weighed down by Manila Electric Co.’s (Meralc…
Keep on reading: PH equities retreat as US posts 2nd quarter of negative growth