PHL stocks extend slump

MANILA, Dec. 11 (PNA) — The local stock market extended losing streak to a second day on thin volume on Friday as investors remained cautious ahead of the United States Federal Reserve meeting this week.

The benchmark Philippine Stock Exchange index (PSEi) declined 85.59 points or 1.25 percent to 6,735.01 from previous day’s 6,820.60 finish.

”Market continues to remain defensive. Investors remain on the sidelines ahead of the Fed (meeting),” said BDO chief market strategist Jonathan Ravelas.

All counters were in the negative territory, except property that rose slightly.

Volume of transactions reached 731.26 million valued at PhP6.72 billion.

Decliners dominated advancers, 111 to 49, while 50 issues unchanged. (PNA)