PSEi rebounds to 5,700 level on lower unemployment figures

Share prices on the Philippine Stock Exchange (PSE) rebounded on Wednesday, with the main index rallying back to 5,700 level, as lower unemployment figures were cheered by the market.

The benchmark PSEi gained 59.57 points or 1.05% to 5,736.69 at the closing bell. The broader All Shares also grew by 21.26 points or 0.67% to close at 3,191.99.

“The local index ended higher as the market recovered following yesterday’s selling pressure. Sentiment improved as investors took positive cues from the lower unemployment rate compared with the previous month. The stronger labor market data helped lift investor confidence and support a broader market rebound,” said Luis Limlinga, Regina Capital Development head of sales.

The Philippine Statistics Authority reported that unemployment rate improved to 5.3% in August from 6% in July as jobless individuals declined by over 375,000 to 2.77 million from 3.14 million month-on-month.

More than 513.225 million shares valued at P4.938 billion were traded. Decliners led advances, 100 to 80, and 68 issues were unchanged. — BM, GMA News

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