Stocks hit all time high on positive jobs, remittances data

The stock market broke past the 4,000 level today and finished at an all-time high thanks to the positive jobs and remittances data that were released by the Philippine government on Wednesday, confirming the strength of the local economy.


At the final bell, the bellwether Philippine Stock Exchange index gained 0.8 percent or 31.79 points to close at 4,005.46, its second attempt to break above the said level since touching a new record high last week. Thursday's session was marked by investor optimism with the index climbing to as much as 4,014.43 before losing some of its gains on profit taking.

Buying was mostly across the board with the all-share index climbing by 0.87 percent or 21.54 points to 2,497.14, along with the all six counters. Investors continue to participate in the market with some 4.09 billion shares worth 6.62 billion pesos (149.46 million U.S. dollars) changing hands. Advancers swept decliners 105 to 40 while 44 stocks did not move.

"The (lower) unemployment rate was a confirmation to the robust economic recovery of the Philippines. In the first quarter, even if the economy grew by more than 7 percent, the unemployment figure remains disappointing which was an indication that the recovery is not sustainable," Norman Pena, analyst at Papa Securities Corp., said in an interview.

Remittances sent by overseas Filipino Workers continue to climb and was up by 8.2 percent to 1.63 billion in July--already achieving the full-year target of the Philippine government. This means, Pena said, that remittances could grow by as much as 18.74 billion U.S. dollars or 8 percent higher from last year.

source: Teh Philippine Star