Better jobs number help battered PH shares recover

MANILA  -Philippine stocks rebounded during a low-volume session on Friday as investors moved on from the disappointing inflation reading and focused on improving job data.

By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) rose 1.32 percent, or 81.35 points, to 6,259.95 while the broader All Shares index added 0.91 percent, or 30.52 points, to 3,379.27.

New data from the Philippine Statistics Authority showed the country’s unemployment rate eased to 4.4 percent in August from 4.8 percent in July.

READ: Jobless, underemployment rates fell in August

Stocks were battered the previous day after the latest inflation print in August came in at 6.1 percent, well above most analysts’ projections.

All subsectors gain

Meanwhile, PSE data showed 730.18 million shares valued at P3.86 billion changing hands, while net foreign selling ended at about P151 million.

All PSE subsectors also climbed, with mining and oil (+2.26 percent) taking the lead, followed by property (+1.65 percent), holding firms (+1.47 percent), services (+0.94 percent), financials (+0.79 percent) and industrial (+0.58 percent).

BDO Unibank Inc. was the top-traded stock as it rose 0.72 percent to P139.70 per share.

It was followed by SM Prime Holdings Inc., up 3.72 percent to P30.70; Ayala Land Inc., down 0.52 percent to P28.45; PLDT Inc., up 2.82 percent to P1,203; and SM Investments Corp., up 2.33 percent to P833 per share.

Bank of the Philippine Islands was up 1.87 percent to P109; Ayala Corp., up 2.56 percent to P620.50; GT Capital Holdings Inc., flat at P570; Jollibee Foods Corp., up 0.45 percent to P221; and Metropolitan Bank & Trust Co., down 0.76 percent to P52.20 per share.

Advancers and losers were nearly matched, 92 to 90, while 54 companies closed unchanged, data from the stock exchange showed.