PSEi snaps 4-day rally on Barcelona attack, profit taking ahead of long weekend

Share prices on the Philippine Stock Exchange closed in red on Friday, snapping a four-day winning streak, as investors turned cautious following a suspected terrorist attack in Barcelona, Spain, and profit-taking ahead of the long weekend.

The benchmark index declined by 56.02 points or 0.69 percent to 8,016.73 at the closing bell. The broader All Shares fell by 26.05 points or 0.55 percent to 4,734.84.

"The event overnight in Spain has introduced uncertainty in the equation," Philstocks Financial Inc. senior research analyst Justino Calaycay Jr. told GMA News Online.

AB Capital Securities Inc. equity analyst Edgar Lay also said that the attack in Barcelona caused jitters in the market.

At least 13 people were killed and more than 100 were hurt after a van plowed into crowds of tourists in Barcelona, in what police said they were treating as a terrorist attack. 

"Investors are also taking profits ahead of the long weekend because there will be no trading on Monday and it will resume on Tuesday, so the best thing to do is take profits," Calaycay said.

Financial markets are closed on August 21 a non-working holiday, in commemoration of the assassination of the late senator Benigno "Ninoy" Aquino Jr.

Foreign funds bought P2.984 billion of shares during the session and sold P2.920 billion for a net buying position of P64.495 million.

More than 1.360 billion shares valued at P5.386 billion, changed hands. Decliners led advancers, 107 to 74, and 58 issues were unchanged.

Week-on-week, the bellwether gained 88.3 points or 1.11 percent from 7,928.43 on August 11. Year-to-year, the main index surged 1,176.09 points or 17.19 percent from 6,840.64 on December 29, the last trading day of 2016. —KBK, GMA News