TODAY'S BUSINESS HEADLINES

PSEi up, peso down amid lower-than-expected US non-farm payroll print

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MANILA, Philippines – The Philippines’ local bourse managed to post gains Monday but the peso weakened following an upward revision on US’ non-farm payrolls in November 2016.

The Philippine Stock Exchange index (PSEi) rose 0.39 percent, or 28.14 points, to 7,276.34 points.

All Shares ticked-up by 0.28 percent, or 12.35 points, to 4,366.15 points.

Most of the sectors tracked the main index, spearheaded by the Services with 1.93 percent increase.

Financials came in second with 0.37 percent increase; followed by Mining and Oil, 0.30 percent; Industrial, 0.12 percent; and Property, 0.05 percent.

Only the Holding Firms ended the day on the red with a 0.06 percent decline.

Volume of trade totaled to 5.7 billion shares amounting to P5.25 billion.

Gainers led losers at 104 to 88 while 48 stocks were unchanged.

On the other hand, the peso shed P0.10 and finished at P49.62 from P49.52 Friday last week.

A trader attributed this to the revision in US’ non-farm payrolls report last November, which showed that 204,000 jobs were created last November from the initial report of 178,000.

On the other hand, the December 2016 print stood at 156,000 from expectations of 178,000.

The trader said the greenback still got a boost from the non-farm payrolls report since it continued to show robust job creation in the world’s largest economy.

For the day, the local unit opened at P49.61, weaker than the P49.36 at the end of last week.

It traded between P49.66 and P49.57, bringing the day’s average to P49.61.

Volume of trade reached $405.3 million, lower than the $537 million in the previous session.

The trader expects the peso to trade between P49.60 and P49.80 on Tuesday.

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