Stocks fell for a third day, as investors traded cautiously ahead of a key US employment report, while oil prices rose above $50 a barrel in New York for the first time since June.
The Philippine Stock Exchange index, the 30-company benchmark, shed 41 points, or 0.5 percent, to close at 7,578.29 Friday. This reduced total gains this year to 9 percent.
The heavier index, representing all shares, also tumbled 17 points, or 0.4 percent, to settle at 4,504.51, on a value turnover of P8 billion.
Six of the 20 most active stocks ended in the green, led by SM Prime Holdings Inc. which gained 1.4 percent to P28.20 and Metro Pacific Investments Corp. which rose 1.1 percent to P7.40.
Petron Corp. went up 1 percent to P10.60, while Cebu Air Inc. added 0.9 percent to close at P108. GT Capital Holdings Inc. rose 0.9 percent to P1,410, while SM Investments Corp. picked up 0.5 percent to P675.
Meanwhile, most Asian stocks also fell ahead of a closely watched US payrolls report as stronger economic data fueled bets the Federal Reserve will raise interest rates this year.
Analysts said a good report will boost the odds of a Federal Reserve interest rate hike this year. The US dollar rallied, pushing the pound to a fresh 31-year low against the US currency.
US jobless claims fell to the second-lowest level since 1973, strengthening the case for the Fed to raise interest rates. Odds that it will do so by December climbed to 64 percent from 53 percent a week ago, ahead of the official labor report Friday.
Japanese shares retreated even after the yen capped its longest losing streak against the greenback since July 2014, while oil above $50 per barrel sent energy shares higher.
The main Asian stock gauge has nudged slightly higher this week, heading for a 0.6-percent advance as investors await US economic reports and watch for comments by Fed officials to assess the path of interest rates. The measure posted its best quarter since 2012 in the three months ended September.
“Markets are likely to remain relatively cautious” before US payrolls data, said Ric Spooner, Sydney-based chief market analyst at CMC Markets.
“A moderate miss to the downside in the U.S. jobs data will probably do little to change the outlook for a Fed rate hike this year. However, a good read could put the issue largely beyond doubt,” Spooner said.
Tokyo shares ended lower Friday, snapping a four day winning streak. The benchmark Nikkei 225 index slipped 0.23 percent, or 39.01 points, to close at 16,860.09. It gained 2.49 percent over the week.
The broader Topix index of all first-section issues fell 0.25 percent or 3.32 points to 1,350.61. It rose 2.10 percent over the week.
Hong Kong stocks also slipped in the morning session Friday following a four-day rally, in line with an Asia-wide sell-off as traders were spooked by a “flash crash” in the pound.
The Hang Seng index eased 0.48 percent, or 115.94 points, to 23,836.56 by the break. Mainland Chinese markets were closed all week for a public holiday.
South Korea’s Kospi index slid 0.1 percent, and Australia’s S&P/ASX 200 Index fell 0.4 percent. New Zealand’s S&P/NZX 50 Index dropped 0.8 percent. China’s markets are shut for the remainder of the week, while those in Hong Kong have yet to start trading. With AFP, Bloomberg