PSEi cheers better August jobs data
The hiring pace in August encouraged some bargain-hunting at the bourse, but it was not enough for the main-share Philippine Stock Exchange index (PSEi) to go above the 6,600 territory on Thursday.
The benchmark PSEi rose by 0.61 percent, or 39.66 points, to finish at 6,593.74 while the wider All-Shares index climbed by 0.43 percent, or 15.13 points, to end at 3,505.20.
Philstocks Financial Inc. researcher Mikhail Plopenio said investors bought up shares amid better labor force numbers.
The Philippine Statistics Authority said the number of unemployed Filipinos went down to 2.6 million in July from 2.76 million in April.
“However, ongoing headwinds, which include the peso’s depreciation and recession risks offshore, kept many investors on the sidelines which resulted in weak trading for the day,” Plopenio said.
The peso fell to another fresh low on Thursday as it hit P57.18 against the dollar.
Article continues after this advertisementChina Bank Securities research director Rastine Mackie Mercado added “elevated volatility” was expected to “persist through the coming days especially in the lead-up to the US inflation report for August.”
Article continues after this advertisementAll sectors ended in the green except for services and mining and oil, which fell by 0.35 percent and 0.52 percent, respectively. Property index was the biggest gainer with a 1.04-percent increase.
About 674.59 million shares amounting to P5.25 billion were traded. Decliners led advancers, 99 to 88, while 48 issues were unchanged.
Ayala Land Inc. was the most actively traded as it slipped by 2.63 percent to P27.80 per share.
It was followed by Universal Robina Corp., up 2.64 percent to P128.40; San Miguel Corp., up 1.75 percent to P98.70; SM Prime Holdings, up 3.46 percent to P37.40; BDO Unibank, up 0.64 percent to P125; and International Container Terminal Services Inc., up 0.28 percent to P182.10.
Other active names were Emperador Inc., up 2.46 percent to P20.85; Jollibee Foods Corp., up 1.39 percent to P247.80; AbaCore Capital Holdings Inc., up 2.63 percent to P2.73; and PLDT Inc., down 2.53 percent to P1,654.
