Thu, 01 Jun 2023

MANILA - Lower inflation and unemployment rates have pushed local shares to continue gains while the peso slightly improved on Tuesday.
The Philippine Stock Exchange index (PSEi) increased by 16.56 points, or 0.23 percent, to 7,147.30.
However, the local bourse has yet to recover its losses since shares started to decline from 7,400-level last November 25 as news on the Omicron variant emerged.
"Philippine shares continued to rebound on reports that the Omicron variant is less severe than expected," Regina Capital Development Corp. managing director Luis Limlingan said.
On Tuesday, the government reported that the inflation rate eased to 4.2 percent in November while unemployment also declined to 7.4 percent in October.
The World Bank also revised its growth outlook for the Philippines upward, as it sees the country to grow 5.3 percent this year from its previous projection of 4.3 percent.
Investors showed mixed signals in buying and selling shares as two sectors gained while four counters shed.
Gainers were Holding Firms and Property sectors whose shares climbed by 75.77 points and 15.09 points, respectively.
The sector with the biggest loss was Industrial, with shares shedding by 66.07 points, followed by Mining and Oil, down by 40.97points; Financials, down by 11.11 points; and Services, down by 2.97 points.
All shares fell 6.58 points, or 0.17 percent, to 3,805.51.
Meanwhile, the Philippine peso ended slightly stronger to 50.38 to a dollar from 50.41 on Monday.
It started the day at 50.35, trading between 50.23 and 50.40.
Total volume traded on Tuesday was higher at USD944.35 million, after a decline to USD690.84 million the previous day. (PNA)

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