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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on trade, jobs data

Stocks rise on trade, jobs data

Published May 8, 2024 08:54 am

The local stock market advanced on positive trade and employment data.

The main index rose by 40.60 points or 0.61 percent to close at 6,659.18 although sectoral indices were evenly divided. Volume improved to 434 million shares worth P5.98 billion as gainers outnumbered losers 99 to 91 with 40 unchanged.

“Last-minute buying boosted the local stock market, driven by a narrower trade deficit in March. Gold prices climbed as traders anticipated a potential Fed rate cut this year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse rebounded, driven by bargain hunting. Moreover, positive employment figures bolstered sentiment.”

“The unemployment rate increased to 3.9 percent in March compared to February’s 3.5 percent; nonetheless, this figure was still considered tight and lower than the previous year’s 4.7 percent. Additionally, in terms of figures, the number of unemployed declined by 17.2 percent year-on-year to 2 million,” she added. 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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