Index continues downtrend

MANILA, Philippines – The stock market was down again yesterday as the earnings season started and after the US released its latest jobs report which was little changed.

Ayala led Globe for instance reported a six percent increase in core profit at P16 billion.

 But investors are still waiting for other market movers or catalysts but there aren’t any compelling leads as of yesterday.

The benchmark Philippine Stock Exchange index (PSEi) declined 27.82 points, or 0.38 percent, to settle at 7,234.82 while the broader All Shares gauge lost 6.22 points, or 0.14 percent, to close at 4,379.55

Total value turnover reached P6.48 billion. Market breadth was negative, 99 to 93 in favor of declining stocks while 46 issues were left unchanged.

Foreign buying was P3.496 billion but foreign selling was higher at P3.718 billion, translating to a net sale of P222.089 million.  

The US government reported yesterday that monthly job openings, a barometer of the US economy was littler changed in December at 5.5 million, or similar to previous month’s level.  

Hires and separations were little changed at 5.3 million and five million, respectively while the quits rate was little changed at two percent. Similarly, layoffs and discharges rate was at 1.1 percent.