Philippine shares down by 1 Percent
The benchmark 30-company Philippine Stock Exchange Index shed 31.96 points, or 1 percent, to 3,318.36, after advancing 1.8 percent over the last two sessions.
The debut of National Reinsurance Corp. also drew liquidity from major stocks, cornering 17 percent of total trades as it finished 18 percent higher to 4.50 pesos from its initial public offering price of 3.80 pesos.
Philippine Long Distance Telephone Co., the second most actively traded stock, slid 0.4 percent to 2,555 pesos, mirroring overnight losses in the company's American depository receipts.
Others losers included recent gainers, such as Megaworld Corp., down 1.4 percent to 3.45 pesos, and Ayala Corp., off 1.6 percent to 615 pesos.
"What will happen Monday depends on what happens to the U.S. tonight," said April Lee-Tan of CitisecOnline.com. U.S. first quarter GDP data are due later Friday.
Decliners led gainers 80 to 20, while 56 stocks were unchanged.
The peso slightly retreated against the U.S. dollar, which rebounded from Thursday's 6.5-year low as some banks covered short dollar positions. The dollar closed at 47.46, up from 47.435 on Thursday.
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