Connect with us

Hi, what are you looking for?


PHL shares inch up on bargain-hunting, lower US jobless claims

Philippine shares closed the week in the green as investors went bargain-hunting amid the local bourse’s intraday low and after the US released data showing lower initial jobless claims.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 1.61 points or 0.02% to close at 6,199.25 on Friday, while the broader all shares index increased by 2.42 points or 0.06% to 3,842.73.

“The local bourse managed to close in the green territory this Friday as bargain hunters took advantage of its intra-day dip,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message on Friday.

“The positive cues from Wall Street’s overnight rally caused by the decline in the US’ initial jobless claims also helped in the local market’s performance today,” Mr. Tantiangco added.

The PSEi dropped to an intraday low of 6,172.18, while the all shares index went down to 3,828.05.

Over in the US, the initial number of people filing for unemployment claims reached 444,000 for the week ending May 15, the lowest level since March of last year.

Most sectoral indices closed in the green on Friday except for financials, which declined by four points or 0.29% to 1,372.47, and services lost 3.49 points or 0.24% to end at 1,453.69.

Meanwhile, property gained 10.61 points or 0.35% to 3,000.93; mining and oil improved by 24.34 points or 0.26% to 9,311.23; holding firms climbed 7.83 points or 0.12% to finish at 6,144.54; and industrials went up by 5.88 points or 0.06% to 8,578.12.

Value turnover inched down to P5.03 billion on Friday with 1.63 billion shares switching hands, from P5.52 billion with 2.97 billion issues traded in the previous session.

Advancers bested decliners, 103 to 95, while 47 names closed unchanged. Net foreign selling went decreased to P512.74 million on Friday from the P731.23 million in net outflows logged on Thursday.

“The index downtrend remains intact and we may continue to test new lows for next week as MSCI rebalancing deadline will be on May 27, and we don’t see any significant positive catalyst to reverse sentiment for now,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a separate Viber message. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Almost one in five UK workers say they are likely to change jobs in the next 12 months as they seek better pay and...


Around 57 per cent of van owners feel discouraged from going electric due to a lack of charging points, according to a survey published...


Business and cycling groups have urged the government to reform its cycle to work scheme so it can be used by lower-paid and self-employed...


Beer drinkers could soon find it difficult to buy their favourite bottled beverage because of a shortage of glassware triggered by soaring energy costs,...


  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...


Notice of Annual Stockholders’ Meeting Notice is hereby given that the Annual Stockholders Meeting will be held on Monday, June 20, 2022 at 8:30...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.