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Manila Bulletin devider Business devider Stocks drop on strong US, PH jobs data

Stocks drop on strong US, PH jobs data

Published Jan 6, 2023 04:09 pm

After a healthy start this year, stocks dropped on Friday, Jan. 6, as investors took profits at the local stock market after US bourses dropped due to renewed concern over interest rate hikes.

The main index fell 93.36 points or 1.38 percent to close at 6,667.97 with the Industrial counter leading all sectors down. Volume declined to 7.15 billion shares worth P5.47 billion as losers beat gainers 124 to 69 with 41 unchanged.

“Philippine shares finally had the first profit taking session of the year, on the back of strong US jobs data reported last night, fueling speculations for further rate hikes ahead,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped following the negative cues from Wall Street due to the strong jobs report, which may result in more rate hikes ahead. Investors also took profit after three consecutive days of the strong market rally.”

She added that, “At home, our job data was also strong, recorded at 4.2 percent in November, the lowest unemployment rate in 17 years. This shows a steady recovery. However, this may also give a room for more rate hikes.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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