Stocks up as investors cheer positive news

MANILA, Philippines — The stock market bounced back yesterday as investors cheered a lower trade deficit in March coupled with positive employment figures.

The Philippine Stock Exchange index grew by 0.61 percent or 40.60 points to close the session at 6,659.18.

The broader All Shares index also inched up by 0.31 percent or 10.82 points higher at 3,516.57.

“Last-minute buying boosted the local stock market, closing with a gain,” Luis Limlingan of Regina Capital said.

Limlingan said the late momentum was driven by a narrower trade deficit in March.

Data released by the Philippine Statistics Authority showed the country’s trade gap narrowed by 36.6 percent to $3.18 billion in March from $5.02 billion in the same month in 2023.

Claire Alviar of Philstocks Financial said 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 two million,” she said.

Net market value turnover thinned slightly to P5.37 billion from P5.72 billion the previous day.

The sectoral gauges were again a mixed bag, with property leading the charge with a 4.71 percent surge.

Holding firms, meanwhile, suffered the biggest drop at 1.03 percent.

Market breadth was positive as advancers edged out decliners, 99 to 91, while 40 issues were unchanged.

SM Prime and Ayala Land were the biggest gainers among index members, rising by 7.12 percent and 4.91 percent, respectively.