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Stocks, peso up as US jobless claims drop

Both the main stocks index and the peso gained yesterday partly on improvement of jobless claims in the US, which posted its lowest since 1969. 

The Philippine Stock Exchange index (PSEi) rose by 0.60 percent, or 42.23 points, to 7,124.84 points.

All Shares followed with a jump of 0.41 percent, or 15.24 points, to 3,774.59 points. 

Most of the sectoral indices also gained during the day including Financials, 1.27 percent; Services, 1.24 percent; Holding Firms, 0.39 percent; and Industrial, 0.37 percent. 

On the other hand, Mining and Oil fell by 0.57 percent and Property by 0.26 percent. 

Volume was thin at 599.16 million shares amounting to PHP5.48 billion. 

Advancers led decliners at 93 to 84, while 52 shares were unchanged. 

“Philippine shares continued to claw their way up as jobless claims dropped to over a decade low of 187,000, pointing that the economic recovery of the US could keep growing through headwinds like the Ukraine-Russia war and higher interest rates,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales. 

Claims for unemployment benefits in the US dropped by 28,000 in the week ending March 19, the lowest since September 1969. 

Meanwhile, the local currency improved against the US dollar after it finished the day at 52.15 compared to its 52.33 close a day ago. 

It started the day at 52.305, way better than its 52.41 level a day ago. 

It traded between 52.305 and 52.12, resulting in an average of 52.211. 

Volume reached USD1.11 billion, higher than the previous day’s USD960.95 million.*PNA

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