Stocks down as investors digest gloomy jobs data

MANILA  -The benchmark Philippine Stock Exchange Index (PSEi) closed lower as stocks resumed trading after the Holy Week break as investors weighed the latest job numbers showing more Filipinos without work.

By the closing bell, the PSEi slipped 0.14 percent, or 8.88 points, to 6,479.63 while the broader All Shares index dipped 0.20 percent, or 6.88 points, to 3,479.86.

According to the Philippine Statistics Authority, there were 2.47 million jobless Filipinos in February versus 2.37 million the previous month. The unemployment rate, however, was steady at 4.8 percent.

https://business.inquirer.net/395284/jobless-rate-in-ph-remained-at-4-8-in-february-2023

Investors also positioned ahead of the release of US inflation data on Thursday.

Meanwhile, a total of 1.22 billion shares valued at P5.37 billion changed hands while foreigners were net buyers to the tune of P56.12 million, stock exchange data showed.

Financial and mining stocks rose 1.3 percent and 0.27 percent, respectively. Property stocks sank 1.17 percent, followed by services (-1 percent), holding firms (-0.17 percent), and industrial (-0.15 percent).

Top traded stock

BDO Unibank Inc. was the top traded stock as it rose 4.67 percent to P130 per share.

It was followed by SM Prime Holdings Inc., down 1.49 percent to P33; SM Investments Corp., up 0.33 percent to P899; International Container Terminal Services Inc., flat at P210; and Jollibee Foods Corp., down 3.05 percent to P216.20 per share.

Ayala Land Inc. was down 1.44 percent to P27.30; PLDT Inc., down 2.34 percent to P1,251; Universal Robina Corp., up 0.71 percent to P142; Bank of the Philippine Islands, down 1.72 percent to P99.85; and Metropolitan Bank & Trust Co., up 1.30 percent to P58.30 per share.

Overall, there were 106 losers against 61 advancers while 63 companies closed unchanged, stock market data showed. INQ