Stocks plunge after jobs data release

The local stock market fell after the release of unemployment figures in the US and the Philippines.
The main index plunged 102.22 points or 1.52 percent to close at 6,609.27 as the Property counter led the retreat of all sectors. Volume dipped to 880 million shares worth P4.99 billion as losers outpaced gainers 105 to 72 with 52 unchanged.
“Philippine shares slipped as traders processed fresh job market data, both locally and in the US, and comments from Fed Chair Jerome Powell,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “US Fed Chair Jerome Powell reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated. However, he emphasized that no decision has been made yet regarding the March meeting.”
Philstocks Financial Assistant Research and Engagement Officer Mikhail Plopenio said “The local market was down as the rise in unemployment rate to 4.8 percent in January weighed on investor sentiment. In addition, the rise of non-performing loans in the country, the first in 10 months, also dampened sentiment.”
He explained that, “These data added to the lingering inflation and interest rate concerns in the economy.”