Stocks closed flat Friday, following a three-day slump, as investors continued to dump mining issues after the government suspended the operations of more than two dozens mines around the country.
The Philippine Stock Exchange index, the 30-company benchmark, barely moved Friday to settle at 7,226.70. It was still up 5.6 percent since the start of the year.
The broader index, representing all shares, picked up 9 points, or 0.2 percent, to finish at 4,375.03, on a value turnover of P5.7 billion. Losers outnumbered gainers, 103 to 81, while 48 issues were unchanged.
Three of the six major indices ended in the red, while eight of the 20 most active stocks advanced, led by developer Arthaland Corp. which jumped 18.6 percent to P1.15 and casino operator Bloomberry Resorts Corp. which climbed 6.2 percent to P7.50. BDO Unibank Inc. gained 2.2 percent to P114.50.
Meanwhile, two listed mining companies requested for voluntary trading halt on their shares as they sought additional information about the closure and suspension orders issued by the Environment Department.
Marcventures Holdings Inc. and Global Ferronickel Holdings Inc. asked that the trading of their shares be suspended on Feb. 3 to Feb. 6.
Meanwhile, Asian stocks were mixed Friday as Chinese markets returned from a five-day break, while investors awaited Friday’s US jobs report.
Japanese stocks climbed for the second time in three days, while shares slipped in Shanghai after a week-long holiday.
That came after the S&P 500 Index closed with a gain of less than two points for a second straight day amid corporate results and deal news. The yen extended a weekly gain while the Aussie was steady after a rally that sent it to the highest since just after the US elections.
A gauge of the US dollar traded near its lowest level since November. Japanese 10-year yields jumped after the Bank of Japan’s bond buying.
Most Asian markets edged down as dealers moved cautiously Friday following another tepid lead from Wall Street while focus shifts to the release later in the day of US jobs figures.
Markets have endured a volatile week following Donald Trump’s controversial ban on travelers from seven Muslim-majority countries and claims that China and Japan were currency manipulators.
The unpredictable start to the tycoon’s presidency and his protectionist rhetoric have sent shockwaves through world capitals and fanned worries of a global trade war.
The selling pressure stands in stark contrast to the surge seen in the two months after Trump’s election win, that was stoked by hopes he would press on with promises to ramp up infrastructure spending and cut taxes, firing up the US economy.
“With the news out of Washington and the new administration ramping up even further, past Trump reflation enthusiasm has waned further,” David de Garis, a senior analyst at National Australia Bank said in a commentary.
Tokyo ended flat having swung in and out of positive territory owing to fluctuations in the yen, while Hong Kong slipped 0.4 percent in late trade.
Shanghai closed down 0.6 percent as investors returned from a week-long Chinese New Year break unimpressed by data showing factory activity in the world’s number two economy had stabilized.
Sydney eased 0.4 percent and Seoul added 0.1 percent while Singapore shed 0.1 percent. However, Wellington, Taipei and Jakarta were up.
“It’s been very choppy waters for investors to navigate through this week,” said Gary Huxtable, client adviser at Atlantic Pacific Securities, in a note.
Attention now turns to the January jobs report due later Friday, which will provide a better picture of the US economy. With AFP, Bloomberg