ASEAN KEY DESTINATIONS
PHL shares soar 1.67% on weak US jobs data
Share prices on the Philippine Stock Exchange soared Monday after a disappointing jobs data released last week in the US indicated the Federal Reserve will not accelerate its bond-tapering program, prompting investors to comb the market for bargains.
The main PSEi climbed 97.79 points or 1.67 percent to 5,940.67 at the close. The broader all shares index rose 31.26 points or 0.87 percent to 3,628.57.
More than 1.07 billion shares valued at P5.99 billion were traded. Advancers outweighed decliners 103 to 57 while 40 issues were unchanged.
"There was... jobs data released last week which indicated the economy is not back to its vibrant state yet and people doubted the Fed will speed up its taper," Joseph Roxas, Eagle Equities Inc. president, told GMA News Online.
Over the weekend, data from the US Labor Department showed the economy added 74,000 jobs in December – well below the consensus estimate of 197,000 for the period, Agence-France Presse (AFP) reported.
AFP said unemployment rate in the US dropped 6.7 percent last month from 7.0 percent in November, but that was because more people gave up looking for work.
"There was a lot of bargain hunting in today's session following the sell-off last Friday," Roxas said.
On Friday, the PSEi slipped back to the 5,800 level, ending at 5,842.88 or 105.05 points lower week-on-week. – VS, GMA News
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