Bourse sinks as inflation uncertainties outweigh Yuletide activities

The Philippine Stock Exchange index plummeted by 245.34 points to 6,489.65 on the week's last trading day, down by 3.64 percent from Thursday's close.

Luis Limlingan, head of sales at Regina Capital, said investors finally decided to cash in to close the week with most of the region declining.

"Market players will also be weighing in the November jobs report to get a more recent assessment of the market," he said.

Philstocks Financial, Inc. assistant manager for Research and Online Engagement Claire Alviar also noted that investors in the country "booked more gains while waiting for the inflation data in November."

Moreover, Alviar said the heavyweights' drop, especially SM Investments Corp.'s 8.01 percent decline, pulled the market down.

Foreigners were net sellers, registering an outflow of P846.26 million, while net market value turnover was recorded at P4.97 billion.

All sectors were also in the red, with Holdings having the most significant drop of 5.11 percent.

Among index members, Emperador Inc. and LT Group Inc. were the only gainers, advancing by 0.74 percent and 0.11 percent, respectively, while SM had the biggest loss.