Index takes cue from weak regular markets

MANILA, Philippines - The Philippine Stock Exchange index (PSEi)closed lower yesterday, taking its cue from movements of markets across the region.

“Local equities fell with stocks across the region ahead of the release of jobs data in the US.  Data consistent with the perceived improvement in the labor market should solidify expectations of a rate hike this year, which may further curb optimism in equities,” said Jason Escartin, analyst at F. Yap Securities.

The benchmark PSEi retreated 72.60 points, or 0.94 percent, to close at 7,589.95, while the broader All Shares index went down 35.01 points, or 0.79 percent, at 4,347.93.

The financials index went down 17.28 points to 1,661.60, while the industrial index plunged 166.68 points to settle at 11,488.40.

Likewise, the mining and oil index retreated 164.07 points to close at 11,599.17, while the property index shed 9.10 points or 0.28 percent to close at 3,157.50.

Total value turnover stood at P7.43 billion. Decliners edged out advancers, 102 to 58 while 50 stocks were left unchanged.

Emerging market stocks slipped to their lowest in over two years yesterday as nervousness about an end to record low US and global interest rates and continued weakness in commodity markets took their toll.

Many investors were keeping their moves small ahead of crucial US jobs data on Friday but there was plenty going on to distract them while waiting.

MSCI’s benchmark emerging markets index hit its lowest level since mid-2013 as fresh losses in China, large parts of Asia and Russia once again weighed.