The local stock barometer ended the week on a sluggish note ahead of the upcoming US jobs data from which investors hope to find more clue on the US Federal Reserve’s interest rate liftoff.
The Philippine Stock Exchange index (PSEi) lost 4.25 points or 0.06 percent to close at 7,118.20 Friday. Elsewhere in the region, stock markets mostly traded with caution on rising expectations that the US Fed might increase interest rate as early as next month and that the US jobs data could seal the deal.
The decline was led by services, which fell by 1.41 percent, while the industrial and mining/oil counters were also lower.
On the other hand, the financial counter was up 1.13 percent while the property counter slightly gained.
Value turnover for the day amounted to P5.04 billion. There were 59 advancers, which were edged out by 94 decliners, while 57 stocks were unchanged.
PLDT led the market lower, tumbling by 3.62 percent, while EDC also slid by 1.23 percent. Doris Dumlao-Abadilla