Philippine stocks dip on holiday hangover, bleak US jobs data

MANILA, Philippines—Most local stocks slipped upon the market’s reopening after the long Holy Week break on Tuesday, weighed down by jitters over the bleak US jobs data and thin market participation.

The main-share Philippine Stock Exchange index shed 16.63 points or 0.33 percent to close at 5,022.29.

Dealers said some big trading participants were still on the holiday while those who returned to the market factored in the disappointing US jobs report that dampened Wall Street trading for the last four sessions.

The local index struggled to stay afloat at the 5,000 mark, breaking down this barrier in morning trade but trimming its losses at closing.

“Though the market recovered from an intra-day decline of more than 40 points, the market was still on a holiday hangover mode,” said Manny Lisbona, deputy chief of PNB Securities. “Concerns over US jobs data last week still lingered as well.”

The local index was weighed down most by the holding firm sub-index, which fell by 1.3 percent.  The industrial, services and mining/oil counters also closed in negative territory.

The cyclical sectors—the financial and property sub-indices—narrowly bucked the day’s downturn.

The 53 advancers were overwhelmed by 95 decliners while 48 stocks were unchanged.

Turnover was thinner at P4.95 billion compared to the over P7 billion average turnover in the first quarter.

On Wall Street, US stocks have been in doldrums for four days following last week’s disappointing jobs report that cast doubt on US  economic recovery. China’s surprisingly weak producer prices data also added to the global jitters.

Overnight, the Dow Jones industrial average dropped by 130.55 points or 1 percent to 12,929.59.  U.S. non-farm payrolls showed 120,000 new jobs in March, lower than the forecast gain of 203,000 jobs.