PSEi finishes week up despite drag from unemployment news

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) ended the week on a high note despite mounting challenges facing the economy as underscored by the latest jobs data showing unemployment climbing to a five-month high.

By the closing bell on Friday, the PSEi rose 0.64 percent, or 39.87 points, to 6,222.94 while the broader All Shares index was up 0.40 percent, or 13.24 points, to 3,360.23.

The stock market moved higher even after new government data showed unemployment rising to 4.8 percent in July, representing about 2.77 million Filipinos.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the PSEi would continue to move sideways within the 6,140 to 6,350 range, although downside risks remained.

“A break below the 6,140 levels will signal the resumption of the assault of the 6,000 levels,” Ravelas said on Friday.

PSE subsectors were mixed as property, holding firms and services climbed while financials, mining and oil and industrial slumped.

A total of 445.34 million shares valued at P3.84 billion changed hands while foreigners were net sellers of an amount worth P347.89 million, data from the stock exchange showed.

BDO Unibank Inc. was the top traded stock as it slipped 2.24 percent to P131.20 per share.

It was followed by GT Capital Holdings Inc., up 1.72 percent to P590; Bank of the Philippine Islands, up 1.90 percent to P107; Ayala Land Inc., up 5.30 percent to P28.80; and SM Prime Holdings Inc., up 0.50 percent to P30 per share.

Overall, there were 91 advancers against 83 losers while 46 companies closed unchanged.