SHARE prices on the Philippine Stock Exchange fell on Monday in reaction to stronger US economic data.
The bellwether PSEi closed down 0.66 percent or 51.66 points at 7,837.47. The broader All Shares dropped 0.47 percent or 22.14 points to 4,712.98.
“Markets kicked off in negative territory this week as stronger economic data in the US decreased weight appetite in developing markets,” Regina Capital Corp. President Marita Limlingan said.
On Friday, US markets ended in the green after the Labor department announced that hiring bounced back in June with 220,000 additional jobs created, easing concerns about the health of the US economy.
“Markets are also bracing as US Federal Reserve Chair Yellen is appearing before Congress later in the week,” she added.
Yellen will present the latest semi-annual monetary policy report.
“We expect her testimony to be in line with the June Federal Open Market Committee statement and the post-meeting press conference,” Limlingan said.
Nearly all sectoral indices were down. Services was the biggest loser at -1.02 percent, followed by Holding Firms (-0.80 percent), Industrials (-0.64 percent), Property (-0.55 percent) and Mining and Oil (-0.12 percent). Financials gained 0.39 percent.
Over 1.6 billion shares, valued at P7.08-billion, were traded. Decliners led gainers, 104 to 91, while 51 issues were unchanged.