PSEi finishes week up despite drag from unemployment news
The Philippine Stock Exchange index (PSEi) had a positive ending for the week, even with the tough situation in the economy. This was supported by the new jobs data confirming that unemployment is up by five months.
When the stock market closed on Friday, the PSEi increased by 0.64%, which is equal to 39.87 points, and reached 6,222.94. In addition, the All Shares index also had a growth of 0.40%, or 13.24 points, and totaled 3,360.23.
Despite the recently released government data indicating an increase in unemployment rate to 4.8% in July, affecting roughly 2.77 million Filipinos, the stock market still experienced an upward trend.
According to Jonathan Ravelas, who is a senior advisor at Reyes Tacandong & Co., the PSEi will keep moving in a horizontal direction between 6,140 and 6,350. However, there is still a possibility of some negative impacts.
On Friday, Ravelas stated that if the 6,140 levels are breached, it will indicate that the attack on the 6,000 levels will continue.
The categories within PSE had varying performances, as property, holding companies, and services all saw increases, while financials, mining, oil, and industrial all experienced decreases.
According to information from the stock exchange, a grand total of 445.34 million shares were traded and were valued at P3.84 billion. Meanwhile, foreign investors made a net selling worth of P347.89 million.
The most heavily exchanged stock was BDO Unibank Inc. It experienced a decline of 2.24 percent and ended at P131.20 per unit.
GT Capital Holdings Inc. saw an increase of 1.72 percent with a trading price of P590. Bank of the Philippine Islands had a gain of 1.90 percent, with a market value of P107. Ayala Land Inc. showed a surge of 5.30 percent with a share price of P28.80, while SM Prime Holdings Inc. had a slight increase of 0.50 percent, with a trading cost of P30 per share.
In general, 91 businesses had a positive increase in value while 83 companies experienced a decrease. Meanwhile, 46 enterprises did not undergo any alterations in their financial standing.
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