Bourse weakens all sectors red
The market rallied last week following a strong jobs report, with the Dow reaching a record high.
Daily TribuneThe market rallied last week following a strong jobs report, with the Dow reaching a record high.
Tied to mainland Hang Seng Index are trading weak after China left investors disappointed by a lack of new stimulus and few details about measures announced last month.
Peter PARKS/agence france presse
Profit-taking took the sting out of the recent bull session as the stock index continued a downtrend, losing 112.73 points, or 1.5 percent, to close at 7,424.52.
All sectors were in red, with Holding Firms as the biggest loser, slipping by 1.77 percent, followed by Miners and Financials down by 1.71 percent and 1.68 percent, respectively.
Jollibee Foods Corp. (JFC) was the top index gainer, increasing 0.66 percent to P274.80. Nickel Asia Corp. was at the bottom, declining 3.05 percent to P3.81.
“Shares succumbed to profit-taking after briefing touching the 7600 level at overbought territory as investors gear up for the US CPI. Markets found little relief by easing oil prices, which was countered by ongoing Middle Eastern tensions,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Strong jobs back index growth
He noted that the market rallied last week following a strong jobs report, with the Dow reaching a record high. However, the stock analyst said investor enthusiasm waned as expectations grew that the Federal Reserve may slow future rate cuts due to a robust labor market.
The sentiment was also weighed down by the peso’s weakening against the dollar, according to Japhet Tantiangco, a senior research analyst at Philstocks Financial Inc.
Value turnover was P5.093 billion. Decliners outweighed Advancers at 122 to 72, while 64 names were unchanged.
BDO Unibank Inc was the most actively traded stock at P628,756,823.00, down by 2.35 percent, followed by International Container Terminal Services Inc at P509,515,934.00, down by 1.87 percent.
The peso closed weaker at 57.02, from 56.905 on Tuesday. It opened the day at 56.888 and traded between 56.87 and 57.06. The weighted average was 56.998.
