PSEi drops as US jobless claims soar

The Philippine Stock Exchange index (PSEi) dropped 0.48 percent to close at 7,238.46 on Friday due to negative US economic data and concerns over stimulus measures.

Initial jobless claims in the United States surged to 965,000 for the week ended January 9, overshooting market expectations and dampening investor sentiment.

The industrial, holding firm, and property sectors all declined by less than 1 percent.

Regina Capital Development’s Luis Limlingan noted that investors were more focused on the surge in US jobless claims rather than Biden’s stimulus plan.