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Stocks fall on strong US jobs data

Business | The Stock Market

Stocks fall on strong US jobs data

By James A. Loyola

The local stock market started the weak soft, falling on profit-taking and concern over the US jobs report.

The main index lost 60.12 percent or 0.92 percent to close at 6,458.64 with the Mining and Oil sector leading the decline across the board. Volume fell to 282 million shares worth P3 billion aa losers trounced gainers 109 to 58 with 66 unchanged.

“The PSEi plunged in today's session, driven by stronger-than-expected US jobs data from last week, which bolstered the belief that the Fed won't be slashing rates any time soon,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He also noted that, “investors are gearing up for the upcoming US inflation data release this week, with analysts anticipating that US inflation will likely remain steady quarter on quarter.”

Philstocks Financial Assistant Research Manager Claire Alviar said
“The local bourse lost 60.12 points as investors took some gains following the market’s three consecutive days of rally."

“Wall Street’s performance last week, as the US May jobs report came in stronger than expected, also weighed on sentiment given tempered hopes regarding Federal Reserve’s rate cut,” she added.

Related Tags

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

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