Investors see jobs data in positive light as PSEi breaks 7,100 barrier

The local stock barometer continued its winning streak for the third straight session on Thursday, retesting the 7,100 mark, as the reopening of the domestic economy helped stem the massive job losses seen in the early months of the pandemic.

The main-share Philippine Stock Exchange index (PSEi) racked up 113.51 points, or 1.6 percent, to close at 7,194.13, tracking mostly upbeat regional markets.

“Local shares closed higher as investors awaited word from Washington on a long-awaited COVID-19 financial relief bill. The Democratic front seems to have yielded on their insistence on a multitrillion dollar fiscal stimulus package, raising the odds that a deal can be reached before the end of the year,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

Limlingan said investors were also tracking the Philippines’ recent string of positive data.

On Thursday, it was reported that unemployment rate in the country had fallen to its lowest since the record level seen in April or at the height of the pandemic-induced lockdowns.

The country’s unemployment fell to 8.7 percent of the labor force, coming from a high of 17.7 percent recorded in the second quarter.

The market was led higher by the financial counter, which surged by 3.87 percent.

The industrial, holding firm and mining/oil counters all gained over 1 percent, while the property counter added less than 1 percent.

On the other hand, the services counter slipped by 0.16 percent.

Value turnover amounted to P10.74 billion. Net foreign selling reached P476.98 million, but domestic investors swooped in to prop up the market.

There were 121 advancers that edged out 98 decliners, while 43 companies were unchanged.

Security Bank jumped by 6.88 percent, while Metro Pacific advanced by 6.38 percent.

BPI added 5 percent, while RLC rose by over 4 percent.

Metrobank and BDO rose by over 3 percent, while SM Prime, Jollibee and Megaworld all jumped by over 2 percent.

Ayala Corp., Universal Robina Corp. and Globe all added over 1 percent, while JG Summit firmed up by less than 1 percent.

On the other hand, Ayala Land shed 2.22 percent, while International Container Terminal Services Inc. and PLDT both declined by less than 1 percent. —DORIS DUMLAO ABADILLA