Phl stocks climb on lower jobless rate

MANILA, Philippines - Philippine stocks climbed yesterday after the government reported a decline in unemployment rate.

The Philippine Stock Exchange index (PSEi) rose 0.63 percent or 49.12 points to finish at 7,839.82 while the broader all shares index jumped 0.60 percent or 26.92 points at 4,550.54.

Alex Tiu, analyst at AB Capital Securities Inc., cited several factors pushing yesterday’s rally, the biggest of which was the country’s jobless rate which dropped to 6.6 percent in January.

“Positive earnings results from listed companies also helped the index to recover from losses in previous days,” Tiu said.

Philippine Seven Corp., the company behind the 7-Eleven stores in the country, and the Gotianun family’s Filinvest Land Inc. both reported positive earnings for full year 2014 yesterday.

“Abroad, South Korea’s central bank cut rates, lifting the index higher. The overall monetary easing worldwide is helping boost investor confidence,” Tiu said.

The news in South Korea Japan’s also pushed higher other Asian stocks with Japan’s Nikkei improving 0.9 percent.

Two counters closed in the red yesterday led by services firms which plunged 1.29 percent or 28.44 points.

Property and holding companies, meanwhile, gained 1.98 percent and 1.04 percent, respectively.

Market breadth was positive as advancers dominated decliners, 105 to 67, while 40 stocks were unchanged. Value turnover stood at P9.40 billion.