Bearish sentiment dampens market anew

MANILA, Philippines - Bearish sentiment continued to prevail at the local stock market yesterday as it tracked Asian markets which were also wary of the monthly jobs data from the US.

Analysts said many investors are keeping a close watch on US economic indicators including the jobs data set for release late Friday.

The benchmark Philippine Stock Exchange index (PSEi) lost 40.33 points, or 0.58 percent, to finish at 6,850.61, while the broader All Shares barometer shed 18.26 points or 0.45 percent.

All other indices except the Industrial index were in the red.

Value turn over stood at P6.34 billion as decliners edged out advancers, 92 to 72, while 40 stocks were unchanged.

Elsewhere in the region, Australia’s S&P/ASX 200 ended 1.2 percent lower at 5052.02, while Singapore’s benchmark index was 0.4 percent down shortly before the close of trading.

Japan’s Nikkei 225, meanwhile, ended flat at 17725.13 after declining earlier in the day while South Korea’s  indexwas down 0.5 percent.

According to DA Market Securities, yesterday’s biggest  losers were Bloomberrry, down 6.17 percent; San Miguel Corp., down 5.24 percent; the Lucio Tan Group, down 2.66 percent; SM, down 2.03 percent; PLDT, down  2.02 percent; ICTSI, down 1.99 percent, Metropolitican Bank & Trust Co, down 1.58 percent; First Gen Corp., down 1.57 percent; Ayala Land Inc., down 1.03 percent; and SM Prime Holdings, down 0.97 percent.