PSEi snaps 5-day downtrend on lower unemployment figures

Share prices on the Philippine Stock Exchange snapped a five-day losing streak on Thursday as investors cheered the results of the latest Labor Force Survey, which showed easing of the unemployment rate.

The benchmark PSEi gained 34.47 points or 0.60% to 5,772.86 at the closing bell. The broader All Shares increased by 15.51 points or 0.45% to 3,489.52.

“Local shares closed higher as the unemployment situation in the country improved to 10% in July, from 17.7% in April,” Regina Capital Development head of sales Luis Limlingan said.

The Philippine Statistics Authority earlier reported that the number of jobless adult Filipinos eased to 4.6 million or 10% unemployment rate in July from 7.3 million unemployed individuals or 17.7% unemployment rate in April.

Foreign funds bought P1.715 billion shares and sold P2.831 billion for a net selling position of P1.116 billion.

More than 961.019 million shares valued at P5.27 billion, changed hands. Advancers led decliners, 105 to 77, and 48 issues were unchanged. — RSJ, GMA News