Market flat ahead of U.S. jobs data

Local shares slightly dropped by 2.08 points to 5,932.19 on Friday, representing a 0.04 percent drop from Thursday’s close due to lack of catalysts in the market.

“Investors booked some gains on the last trading day of the week to avoid any uncertainties over the weekend while negative cues from the United States weighed on sentiment,” Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said.

On the last trading day of the week, many investors were still on the sidelines with a net value turnover of only P3.77 billion.

“Most investors here at home and abroad await the US jobs report which may guide the Federal Reserve’s monetary decision next month,” Alviar said.

Jobs provide cue

Pundits looked ahead to September’s job report for further clues into the US Federal Reserve’s monetary action path.

Economists surveyed by Dow Jones expect the data to show a 275,000 increase in nonfarm payrolls and unemployment to hover at 3.7 percent.

Philippine Stock Exchange sectors were mixed with Miners, leading the losers, down by 0.70 percent while Industrials gained the most by 0.53 percent.

Among index members, Converge ICT Solutions Inc. was at the top, gaining 4.84 percent while GT Capital Holdings Inc. was at the bottom, dropping 3.15 percent.

In the US, wholesale inventories and consumer credit data are also due.

Oil prices edged higher on cuts to OPEC+ production target. Brent crude futures ended the day at $94.42 per barrel, up +1.1 percent.

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