Share prices ended higher Thursday on better manufacturing and employment data.
The peso dropped back to the P49 level.
The Philippine Stock Exchange index (PSEi) was up 62.1 points to 6,964.01, a 0.90 percent hike.
The broader all shares index was up 30.85 points to 4,275.43, a 0.73 percent hike.
Gainers edged losers 120 to 81 with 49 stocks unchanged. Trading turnover reached P13.52 billion.
The peso closed at 49.11 to the dollar, down from 48.80 on Wednesday. It opened at 48.90, and intraday high and hit a low of 49.13. Trading turnover reached $1.35 billion.
Philippine stocks outperformed their regional peers on Thursday and hit their highest level in over four months as the country’s unemployment rate fell, while Indonesian equities strengthened to near one-week highs, Reuters reported.
Mike Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso closed at its weakest in more than 11 months, since July 30, 2020, amid continued softness in loan growth and M3 money growth.
The Philippine Statistics Authority said the unemployment rate for May was estimated at 7.7 percent, down from 8.7 percent reported in April, as the economy slowly reopened.
The decrease in unemployment was “sending a more positive signal to markets”, said Ruben Carlo O. Asuncion, chief economist at The Union Bank of the Philippines.
The respite may be short-lived, however, as the Philippines has this week extended curbs on movement and businesses in parts of the country until mid-July as it battles a surge in coronavirus infections.
The peso weakened 0.5 percent to its lowest in nearly 11 months, while the Indonesian rupiah fell 0.4 percent to its weakest in over two months.
“Philippines shares opened the secoyhalf of the year on a high note as investors bid farewell to the second quarter positively. Despite the recent high inflation reading many continue to bet that economic rebound is within reach,” meanwhile said Luis Limlingan, managing director at Regina Capital and Development Corp. (RCDC).
Most actively traded Monde Nissin Corp. was up P0.48 to P17. Ayala Land Inc. was up P0.45 to P36.50. SM Investments Corp. was up P16.50. BDO Unibank Inc. was up P1.80 to P115. PLDT Inc. was up P33 to P1,326. International Container Terminal Services Inc. was down P3.70 to P160. SM Prime Holdings Inc. was up P0.40 to P36.90. AC Energy Corp. was up P0.18 to P8.43. Semirara Mining and Power Corp. was up P0.70 to P15.44. Ever-Gotesco Resources and Holdings Inc. was up P0.75 to P0.57.
