Stocks cheer unemployment data

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    Share prices ended higher Thursday as investors took to bargain-hunting after several days of decline.

    The Philippine Stock Exchange index (PSEi) was up 34.47 points to 5,772.86, a 0.6 percent hike.

    The broader all shares index was up 15.51 points to 3,489.52, a 0.45 percent hike.
    Gainers edged losers 105 to 77 with 48 stocks unchanged. Trading turnover reached P5.27. billion.

    The peso closed at 48.58 to the dollar, down from 48.53 on Wednesday.

    The currency opened at 48.57 and hit a high of 48.48 and a low of 48.59. Trading turnover reached $647.05 million.

    Luis Limlingan, managing director at Regina Capital Development Corp., said the market’s upward close was also a result of the improved unemployment situation in the country, at 10 percent in July compared 17.7 percent in April.

    “Sentiment was also boosted from overseas as US Stocks rose sharply. Stocks continued from a strong start to September for the market as traders took profits out of high-flying names like Apple and Tesla and snapped up shares in more beaten-down parts of the market,” he said.

    Most-actively traded Ayala Land Inc. was down P0.10 to P26.90. SM Prime Holdings Inc. was down P0.10 to P27.95. BDO Unibank Inc. was up P0.45 to P86.20. Ayala Corp. was up P8 to P700. PLDT Inc. was steady at P1,450. SM Investments Corp. was down P4 to P836.50. Bloomberry Resorts Corp. was up P0.45 to P7.05. Universal Robina Corp. was up P0.30 to P140. GT Capital Holdings Inc. was down P4.60 to P380. Bank of the Philippine Islands was up P1.65 to P67.60. — Ruelle Castro