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Home  >>   Daily News  >>   Philippines News  >> Capital Markets  >> PHL shares soar 1.67% on weak US jobs data
NEW UPDATES Asean Affairs   14  January 2014  
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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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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