Sat. Jul 24th, 2021

MANILA – Lesser-than-expected payroll cuts in the US last May further boosted investors’ sentiment and sustained the rise of the local equities and the peso Thursday.

The Philippine Stock Exchange index (PSEi) increased for the seventh consecutive day after a jump of 4.35 percent, or 271.84 points, to 6,517.49 points.

All Shares rose by 3.46 percent, or 126.72 points, to 3,785.03 points.

Financials led the sectoral gauges after it posted an uptick of 5.92 percent, and was trailed by the Holding Firms, 5.42 percent; Services and Property, both rose by 2.79 percent; Mining and Oil, 2.73 percent; and Industrial, 1.55 percent.

Volume totaled 2.2 billion shares amounting to PHP11.52 billion.

Advancers led losers at 132 to 65, while 42 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the equities market’s performance during the day to fewer job cuts in the US last May despite the coronavirus disease 2019 (Covid-19) pandemic.

A report by ADP Research Institute showed that there were about 2.76 million job cuts in the US last month, an improvement even with the revised April 2020 figure of 19.6 million.

The April 2020 job cut was initially reported to be at 20.5 million.

The positive outcome of the equities market during the day was mirrored by the peso, which finished the trade at PHP50 to a US dollar from PHP50.1 a day ago.

It opened the day at PHP49.93, stronger than its PHP50.18 start the previous day.

It traded between PHP50.03 and PHP49.92, resulting in an average of PHP49.982.

Volume totaled to USD602.2 million, lower than the USD855.72 million a day ago. (PNA)

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