MANILA, Philippines - Philippine stocks fell almost 3 percent this week as the government released its worst GDP report in 3 years.
Government took the blame for continued weak public spending despite repeated pledges since last year to step on the economic gas pedal.
It was the PSE's second straight week down, with the first quarter earnings season ending last week with few stellar results.
On Friday, the PSE index closed at 7580.46, up 1.01 percent for the day but 2.9 percent down for the week.
Gainers on Friday were led by Bloomberry, Megaworld and Ayala Land.
Bloomberry, owner of Solaire Casino, and Megaworld made back some of their big losses this week. Bloomberry rose 4.4 percent to P9.70, while Megaworld jumped 3.7 percent to P4.75. It was Megaworld's second gain in two weeks.
Also up were shares of Pepsi Cola Products Philippines, after saying it would start making PepsiCo snacks, which include Cheetos, Lay's and Ruffles.
Decliners on Friday were led by Manila Water (-6.7 percent) and Puregold (-1 percent). Manila Water's rate cut, which it disputed, takes effect on Monday, though this was known weeks ago.
Friday's quick recovery from Thursday's GDP slump may indicate investors are hopeful the economic slowdown was blip or won't hurt this quarter's earnings, at least not much.
source: www.abs-cbnnews.com
