The stock market on Friday retreated by nearly 1 percent as investors took advantage of higher valuation of shares to make profit ahead of the US jobs data, the result of which may determine whether the US Federal Reserves would hike its interest rates later this month.
The benchmark Philippine Stock Exchange Index (PSEi) dropped by 0.92 percent or 64.37 points to close at 6, 899.07, while the wider All Shares declined by 0.54 percent or 21.61 points to finish at 3, 986.66.
Alexander Adrian Tiu, analyst at AB Capital Securities Inc., in a phone interview, said that there were profit-takers on Friday’s trading, thus dumping their shares in exchange for earnings brought about by the two-day rally from Wednesday to Thursday.
“We see a lot of profit-takers in the market today [Friday], ahead of the US non-farm data, which is due to come out later tonight [Friday in the US],” Tiu said.
Total value turnover at the local bourse was weak at P6.94 billion, but with winners still outnumbering losers, 90 to 83, while some 42 issues remained the same.
All sub-indices ended on red except for Financials sector, which was nearly flat at 0.005 percent.