PSEi slips on debt concerns, investors book profits

The Philippine Stock Exchange index (PSEi) slipped by 1.13 percent or 73.15 points on Friday, closing at 6,395.57, as investors turned risk-averse.

Sentiment was weighed down by concerns over the country's rising debt burden, which prompted investors to lock in gains despite a benign domestic inflation print.

Luis Limlingan, head of sales at Regina Capital Development Corporation, noted that Philippine shares were sold down as investors booked profits despite June inflation coming in relatively stable at 1.4 percent.

Trading activity remained brisk with net value turnover reaching P6.21 billion, and foreign investors posted net inflows of P295.82 million.

The property sector led the decline, tumbling by 2.17 percent, while only the industrials sector held steady.

Overall market breadth was negative, with 111 losers edging out 85 gainers.

US markets advanced overnight on positive jobs data, which buoyed confidence in the American economy despite global uncertainties.