PSEi dips below 7,200 after mixed US jobs data

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THE local bourse dipped below 7,200 points anew on Monday after mixed jobs data from the United States failed to encourage strong buying interest.

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The Philippine Stock Exchange index (PSEi) fell 13.60 points or 0.19 percent to 7,192.12, while the All Shares index was down 9.48 points or 0.22 percent at 4,234.20.

“[The market] moved mostly sideways as investors lacked any impetus to push prices higher with mixed data coming out from the US,” Nicholas Antonio Mapa, associate economist at the Bank of the Philippine Islands, said.

Mapa was referring to the US Labor Department data showing that the world’s No. 1 economy added 214,000 jobs last month, which was lower than the forecast 235,000. However, the unemployment rate fell to a six-year low of 5.8 percent, confirming that the US economy is firmly on a recovery path while the global economy faces slowing demand.

Philippine Long Distance Telephone Company (PLDT) was the most actively traded share, advancing 0.27 percent to close at P2,950.

Except for the services sector which hardly moved, inching up 0.51 points or 0.02 percent to 2,124.06, the rest of the sectors were in the red.

Financials were down 2.19 points or 0.13 percent at 1,691.33, industrials lost 11.06 points or 0.10 percent to 11,605.07, and holding firms slipped 3.72 points or 0.06 percent to 6,341.53;
Mining and oil dropped 74.65 points or 0.48 percent to 15,345.21 and property declined 27.74 points or 0.97 percent to 2,824.93.

Total volume traded was 3.96 billion shares worth P5.51 billion.
Decliners outnumbered advancers 92 to 76, while 47 issues were unchanged.

On Friday last week, the PSEi was down 30.91 points or 0.43 percent at 7,205.72 while the All Shares index lost 18.11 points or 0.43 percent to 4,243.68.

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