Investors took profit on Thursday amid a lack of new leads, sending the market down in line with declines in overseas market.
Traders also took to the sidelines to assess the recent stream of corporate earnings results.
The PSEi lost 1.3 percent or 84.95 points to close at 6,466.86.
Overseas, stock markets also took a well-earned breather following their weeks-long recovery run, Reuters said.
The broader All Shares lost 0.8 percent or 30.44 points to 3,768.44.
Losers outnumbered gainers 108 to 77, with 61 stocks unchanged. Trade value amounted to P6.49 billion.
“The local market declined further as investors continued their profit taking while waiting for strong positive catalysts,” stock brokerage firm Philstocks Financial Inc. said.
“Investors were also trading cautiously while going through the first quarter corporate results,” it added.
Another stock brokerage firm, SB Equities Inc., noted that the market fell after the opening bell.
Most actively traded BDO Unibank Inc. lost P5.70 to P161.30. International Container Terminal Services Inc. shed P4 to P407. Ayala Land Inc. eased P0.60 to P22.90. Universal Robina Corp. was steady at P91.95. SM Prime Holdings Inc. fell P1.10 to P24.10. Bloomberry Resort Corp. gained P0.02 to P4.02. Bank of the Philippine Islands slipped P4.80 to P135. DigiPlus Interactive Corp. gained P0.25 to P47.70. Metropolitan Bank and Trust Co. dropped P1.60 to P78. Jollibee Foods Corp. gained P1.80 to P245. — With additional report from Reuters
