Investors brush aside grim jobs data; index up

The benchmark Philippine Stock Exchange index (PSEi) rose on Tuesday, overcoming a government report showing that more Filipinos went jobless after strict lockdowns were reimposed due to the pandemic.

By the closing bell, the PSEi was up 0.68 percent, or 45.80 points, to 6,809.72 while the broader all-shares index rose 0.43 percent, or 17.51 points, to 4,117.13.

Those gains came even as the Philippine Statistics Authority reported an 8.7-percent unemployment rate in April—higher than 7.1 percent last March—representing about 4.14 million people.

The news was brushed aside by investors with all subsectors, save for mining and oil, ending in positive territory for the session.

Data from the PSE showed 2.4 billion shares valued at P5.3 billion changing hands on Tuesday. There were 110 gainers versus 93 decliners while 49 companies closed unchanged.

International Container Terminal Services Inc. was the most actively traded during the session as it gained 1.97 percent to P149.90 per share.

It was followed by SM Investments Corp., up 1.21 percent to P1,002; Ever-Gotesco Resources and Holdings Inc., up 17.24 percent to P0.34; BDO Unibank Inc., up 0.47 percent to P106.90 and Ayala Land Inc., up 1.79 percent to P36.95 per share. —Miguel R. Camus INQ