PSEi slips ahead of US jobs data release

THE LOCAL stock barometer remained sluggish on Friday as investors traded with auction ahead of the release of latest US jobs data while many kept an eye on ongoing Greek debt discussions.

Slipping for the second session, the Philippine Stock Exchange index lost 26.95 points or 0.36 percent to close at 7,526.70. For the whole week, the PSEi shed 53.76 points or 0.7 percent from last Friday’s finish of 7,580.46.

Most counters ended in the red, leaving only the mining/oil counter unscathed.

There were 71 advancers which were outnumbered by 81 decliners while 53 stocks were unchanged.

Most counters ended in the red, leaving only the mining/oil counter unscathed.

There were 71 advancers which were outnumbered by 81 decliners while 53 stocks were unchanged. Value turnover amounted to P7.27 billion.

The PSEi was led lower by URC, which fell by 3.26 percent in heavy volume. It was the most actively traded stock for the day.

ALI and SMIC also contributed to the decline, both closing over 1 percent lower. SMPH, BDO and PLDT also slipped.

On the other hand, GTCAP rose by 2.44 percent while EDC gained 1.05 percent. Investors also picked up shares of Megaworld, JG Summit, Bloomberry, Ayala Corp., Jollibee, BPI, Globe and Metrobank.

Among the notable gainers outside of the PSEi were SECB (+0.19 percent) and Vista Land (+1.12 percent) which both firmed up in heavy volume.

Across the region, Asian stock markets mostly took their cue from sluggish overnight trading in Wall Street but ended in mixed direction.

Across the globe, markets are awaiting the release of the latest U.S. jobs data, which could determine how soon the US Federal Reserve would hike interest rates. At present, the market sees only a 33 percent probability that the Fed will tighten interest rates by September.

Investors were also jittery over discussions on Greek debt after Greece sought deferral of debt payments.