PSEi retreats ahead of US jobs data

MANILA, Philippines - Share prices declined yesterday, echoing the general weakness of the regional markets ahead of US jobs data release.

The benchmark Philippine Stock Exchange index (PSEi) went down 41.87 points, or 0.54 percent, to finish at 7,578.29, while the broader All Shares index finished lower by 17.39 points, or 0.38 percent, to end at 4,504.51.

All other sectors ended in negative territory except for the holding firms index which rose 3.67 points or 0.04 percent.

Total value turnover reached P8.021 billion as decliners outpaced advancing stocks 103 to 72 while 57 stocks were left unchanged.

PSE chief operating officer Roel Refran remained optimistic on investors’ interest in the local stock market despite Duterte’s tirades against the country’s major trading partners.

Refran said companies have also resumed their fund raising activities as seen in the pipeline of initial public offerings (IPOs) happening soon. 

Pilipinas Shell Petroleum Corp. for instance will list on Nov. 3 while technology company Audiowav Media Inc. is also set to list in the exchange next month. 

Standard & Poor’s ratings agency earlier warned that a credit rating upgrade for the Philippines is unlikely in the future. It said that Duterte’s war on drugs may diminish somewhat the gains of the previous administration.

Analysts said yesterday’s trading performance was also clouded by uncertainties on US payrolls report which would soon be released.

Stronger economic data fueled bets the Federal Reserve will raise interest rates this year.