PSEi ends week on soft note ahead of May 9 polls

Share prices on the Philippine Stock Exchange were broadly higher on Friday, but the benchmark PSEi was slightly down in cautious trading ahead of the May 9 polls Monday.

"The market is a bit cautious on the last trading day before the elections," said Lexter Azurin, head of research at Unicapital Securities Inc.

"Everyone is on a wait and see mode. Generally, investors are on the sidelines," Azurin noted.

The main PSEi declined by 7.88 points or 0.11 percent to 6,991.87 at the closing bell. The broader All Shares increased slightly by 0.94 points or 0.02 percent at 4,163.06.

More than 2.733 billion shares, valued at P7.266 billion, changed hands. Decliners led advancers, 95 to 80, and 47 issues were unchanged.

Week-on-week, the PSEi lost 167.13 points or 2.3 percent from 7,159.29 on April 29. Year-to-date, the benchmark index fell by 39.79 points or 0.57 percent from 6,952.08 on the last trading day of 2015.

Philippine financial markets are closed on Monday for as national and local elections. – Ted Cordero/VDS, GMA News