PSEi glided with US market's retreat
The sharp overnight retreat in US equities as a result of disappointing jobless claims data (DJIA -268, Nasdaq Composite -65 points) dented sentiment Friday. After moving within 2,826-2,864, the PSEi closed 59 points weaker at 2,855.64 (-2% day-on-day) with all sectors red. Large-caps fell paced by: TEL (-P45 at P2,535); MBT (-P2 at P37.50); ALI (-P0.25 at P10.25); AC (-P15 at P262.50); & MEG (-P0.06 at P1.08). Meanwhile, CPM (+P0.05 at P3.65); BSC (+P0.04 at P0.14); & IMI (+P4 at P22) bucked the trend. Turnover improved to P3bn, on weak market breadth 92-18.