Stocks fell for a second day, ahead of the May 9 national elections as lingering worries over global growth sent traders running from higher-risk assets.
The Philippine Stock Exchange index, the 30-company benchmark, lost 7 points, or 0.1 percent, to close at 6,991.87 Friday. Despite the loss, the bellwether was still up 0.6 percent since the start of the year.
The heavier index, representing all shares, ended flat at 4,163.06, on a value turnover of P7.3 billion. Losers outnumbered gainers, 95 to 80, while 47 issues were unchanged.
Twelve of the 20 most active stocks ended in the green, led by property developer Megaworld Corp., which climbed 3.6 percent to P3.70. Retailer Puregold Price Club Inc. rose 2.2 percent to P39.95, while Security Bank Corp. gained 1.8 percent to P171.50.
Meanwhile, Asian stocks traded lower, on speculation a US jobs report will add to evidence the world’s biggest economy is strong enough to justify higher interest rates.
Japan’s Nikkei suffered big losses as it reopened from a three-day holiday to play catch-up with a global sell-off. However, analysts said the losses were tempered owing to a fall in the yen against the dollar from 18-month highs.
Confidence on trading floors has been sparse the past two weeks following disappointing data and announcements from China to the United States that tore a hole in hopes the global economy was showing signs of recovery.
The US Labor Department later Friday will release jobs figures for April, with expectations of a slowdown in new posts.
But while the report is forecast to show the world’s number two economy is not as strong as hoped, the dollar has managed to hold its gains after two Federal Reserve bosses argued the case for an interest rate hike as early as June. with Bloomberg, AFP
