Shares at the Philippine Stock Exchange index fell by 47.42 points to 6,241.68 on Wednesday, down by 0.75 percent from the other day’s close as investors continue to process the employment data in the country, on top of waiting for third-quarter gross domestic product growth and United States inflation rate.
These gave investors “mixed sentiments,” said Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar.
In September, the unemployment rate improved month-on-month, recording the lowest figure in more than 2 years.
However, the labor force declined by 0.9 percent, and the number of employed also dropped by 0.6 percent both month-on-month.
Regina Capital Development Corp, managing director Luis Limlingan said investors remained on the sidelines, as many are watching the outcome of the US midterm election, which could heavily influence government spending and regulation.
Historically, equities tend to rise after midterm elections and the policy clarity it brings, and the final two months of the year are considered a bullish period for investors, Limlingan added.
Market value turnover
Upon closing, the net market value turnover was recorded at P5.18 billion.
Of the index members, Industrials and Holdings gained by 0.39 percent and 0.11 percent, respectively. Miners, on the other hand, led the losers after it declined by 2.72 percent — dragged by the 6.35 percent drop in shares of Semirara Mining and Power Corp.
Puregold Price Club, Inc. had the biggest gain of 3 percent driven by strong earnings performance in the first nine months of the year.