PSEi retreats on profit-taking

Philippine share prices retreated on Monday after four consecutive trading days of gains, as market players chose to pocket gains during the session.

The main PSEi shed 32.42 points or 0.48% to 6,763.92 at the closing bell. The broader All Shares index lost 8.97 points or 0.22% to 4,099.62.

Monday's decline came as the United States last week released employment data that showed nonfarm payrolls increased by 559,000 in May, below the 671,000 estimate.

"Investors switched to profit-taking in the Philippines to start the week as funds went back into the US market after the May nonfarm payrolls report showed a less-than-expected gain," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

"(This led) many to bet that the Fed will maintain its easy-money policies for longer," he explained.

Locally, the Philippine Statistics Authority (PSA) is scheduled to release April 2021 labor data on Tuesday, June 7.

Unemployed Filipinos eased to 3.44 million in March from 4.19 million in February, bringing down the unemployment rate to 7.1% from 8.8%.

More than 1.863 billion shares, valued at P4.186 billion, changed hands. Winners led decliners, 102 to 100, and 60 issues were unchanged. --NB, GMA News