Stocks end lower as fourth quarter growth figures being eyed

January 18, 2018

Stocks ended lower on Thursday as one analyst said the market is waiting for the release of the Philippines' fourth quarter growth figures next week.

The Philippine Stock Exchange index closed 28.25 points lower to 8,820.74 points. In the broader market, there were 113 gainers, 103 decliners and 54 unchanged.

Volume reached 1.14 billion shares valued at P9.98 billion from Wednesday's 942.72 million shares worth P9.64 billion. Foreigners were net buyers, with P5.882 billion bought and P5.499 billion sold.

"The ( market's) consolidation is actually a really healthy one, esp when the market is anticipating an important news. Everyone's looking forward to Q4 GDP numbers," Jonas Ravelas, chief market strategist of BDO Unibank, told ANC.

"Basically we're in line with the market consensus of looking at 6.7 percent" for the fourth quarter, he added.

Most active shares are led by Metrobank, down 0.51 percent to P98.20; Bank of the Philippine Islands, up 0.44 percent to P115, BDO Unibank,. down 1.88 percent to P157 and Ayala Corp., 2.36 percent down P1,035.

The peso closed at P50.755 against the US dollar from P50.65. At the Philippine Dealing System, volume went down to $749.40 million from $930.65 million. DMS