Stocks ended lower on Thursday, the second trading day of November on heavy selling by foreign funds.

The Philippine Stock Exchange index closed 1.20 percent lower to end at 7, 160.91 Selling by foreign funds reached P7.14 billion compared to purchases from foreign funds of P5.26 billion.

The services sector was the biggest loser with its index losing 2.07 percent to end at 1362.

Since trading resumed on Wednesday, the PSE index has lost 3.2 percent.

Pilipinas Shell Petroleum Corp. formally ended its initial public offering by listing its shares at the Philippine Stock Exchange on Thursday. The company priced its offering at P67.00 per share.

The peso strengthened a bit to close at P48.34 against the US dollar from P48.37 at the Philippine Dealing System DMS.