Stocks fell for a third day, after companies reported slower profit growth in the third quarter and Asian markets tracked a lower finish on Wall Street on the eve of the US payrolls report.
The Philippine Stock Exchange index, the 30-company benchmark, shed 4 points, or 0.1 percent, to close at 7,118.20 Friday. The gauge was also down 1.6 percent since the start of the year.
The heavier index, representing all shares, lost 5 points, or 0.1 percent, to settle at 4,103.47, on a value turnover of P5 billion. Losers outnumbered gainers, 94 to 59, while 57 issues were unchanged.
DMCI Holdings Inc., the investment company of the Consunji family, emerged as the biggest gainer among the 20 most active stocks Friday, as it climbed 4.8 percent to P13.10. Concessionaire Manila Water Co. Inc. gained 3.4 percent to P24.25, while Metropolitan Bank & Trust Co., the second largest lender, rose 2.7 percent to P86.50.
BDO Unibank Inc., the largest lender, advanced 1.8 percent to P102, while developer Vista Land & Lifescapes Inc. added 0.9 percent to P5.79.
Meanwhile, Tokyo’s benchmark Nikkei index closed at its highest level in more than two months Friday, while traders in Asia were closely watching a US jobs report that could indicate a Fed move on interest rates.
The Nikkei 225 shrugged off a weak lead from US markets to end 0.78 percent higher following a week of gains, led by Japan Post’s market debut.
Japan Post is now worth $36 billion more than its government price tag following the biggest initial public offering globally this year, with its insurance unit especially in demand among investors.
The government hopes the Japan Post sell-off will draw more investment to Japanese firms and provide a lift for Prime Minister Shinzo Abe’s faltering bid to kick-start the world’s number-three economy.
The Hang Seng Index pared some of the morning’s losses but remained down in Hong Kong afternoon trade.
The Dow Jones Industrial Average was flat at the close Thursday, while the broad-based S&P 500 lost 0.11 percent and the tech-rich Nasdaq was the laggard, dropping 0.29 percent.
Investors are closely watching the report after Federal Reserve Chair Janet Yellen said Wednesday that if US economic activity remains solid the Fed could decide to increase interest rates at its December meeting.
“There’s clearly profit-taking and the market is cautious ahead of the US payrolls data,” William Wong, head of sales trading at Shenwan Hongyuan Group in Hong Kong, told Bloomberg News.
“Trading is very thin in Hong Kong. China is more policy-driven so the market is expecting more measures there.” With AFP