Weak US jobs data sidelines investors; PSEi down 1.13%

The local stock barometer started the week sluggish while regional markets were mixed after the latest US jobs data showed weak payroll growth in the world’s largest economy.

The main-share Philippine Stock Exchange index (PSEi) shed 88.39 points or 1.13 percent to close at 7,708.72 in thin trade.

All counters fell but the financial, industrial and mining/oil saw the steepest decline, all losing over 1 percent.

Value turnover was thin at P5.48 billion. Foreigners were mostly sellers, resulting in a net outflow of P273.48 million.

“A lack of catalysts continues to keep investors on the sidelines. Even foreign investors took money off the table again today. There are a few companies that are bucking the trend and continuing to rise despite the dismal performance,” Eagle Equities head of research Christopher Mangun said.

“This trend may continue in the following days. The strategy is to watch out for the outliers,” he said.

There were 128 decliners that edged out 63 advancers, while 47 stocks were unchanged.

AEV led the PSEi lower, losing 3.23 percent.

GT Capital, BPI and Jollibee all weighed down the index, each declining by over 2 percent.

Index heavyweight SM Investments was the day’s most actively traded company. It lost 1.6 percent.

JG Summit, URC, Ayala Corp. and Metrobank all slipped by over 1 percent.

BDO and SM Prime likewise dipped.

Outside the PSEi, notable decliners included Megawide, which lost 0.5 percent in relatively heavy volume.

On the other hand, AGI gained 2.46 percent while its property arm Megaworld added 1.65 percent.

Notable gainers outside the PSEi included San Miguel Food and Beverage, which racked up 2.54 percent. Wilcon also gained 0.53 percent.