Risks overshadow rosy jobs data as PSEi loses 6,300 spot

MANILA  -The Philippine stock market struggled on Thursday despite the positive jobs data as investors stayed on the sidelines ahead of the long weekend.

By the closing bell, the Philippine Stock Exchange index (PSEi) dropped 1.13 percent, or 71.08 points, to 6,234.77 while the broader All Shares index was down 0.66 percent, or 22.08 points, to 3,329.58.

There will be no trading today, Dec. 8, as the country observes the Feast of the Immaculate Conception of Mary.

On Thursday, the Philippine Statistics Authority said the country’s unemployment rate in October eased to 4.2 percent from 4.5 percent the previous month, while the underemployment rate ticked higher to 11.7 percent from 10.7 percent.

READ: PH unemployment rate down to 4.2% in Oct

Data from the stock exchanged showed trading activity slowing down, with 270.24 million shares valued at P3.67 billion changing hands.

All PSE subsectors retreated during the session, led by financials (-1.53 percent) and services (-1.36 percent).

BDO Unibank Inc. was the top traded stock as it slipped 2.16 percent to P126.90 per share.

It was followed by Ayala Land Inc., flat at P31.40; SM Investments Corp., down 0.24 percent to P826; International Container Terminal Services Inc., down 2.55 percent to P229; and SM Prime Holdings Inc., down 1.06 percent to P32.65 per share.

Ayala Corp. was down 3.10 percent to P640; Bank of the Philippine Islands, down 2.49 percent to P101.90; GT Capital Holdings Inc., up 1 percent to P557; Cebu Air Inc. (convertible preferred shares), down 0.32 percent to P31.20; and JG Summit Holdings Inc., down 2.83 percent to P37.80 per share.

Overall, there were 83 advancers against 82 losers while 49 companies closed unchanged.