The PSEi broke its upward streak today, shedding 19.77 points, or -0.37%, to close at 5,331.13, as investors took profits from the previous week’s gains. Most sectoral indices closed in the red, led by financials that fell 0.95% as BPI (-1.98%) and MBT (-1.18%) were sold down.
Industrials, holding firms, and services also ended negative declining 0.57%, 0.52%, and 0.45% respectively. Mining & oil and property stocks bucked the trend gaining 0.90% and 0.95% respectively. Market breadth was mixed with 86 declines slightly overtaking 71 advances and 43 issues unchanged. Value turnover increased to Php6.58 billion inclusive of Php3.06 billion worth of cross transactions.
According to data released by the National Statistic Office, the country’s unemployment rate continues to remain steady at 7% as of July, with the 2.8 million Filipinos jobless. Out of 63.1 million Filipinos aged 15a and above, 40.4 million are in the labor force.
The results of the survey recorded an estimate of 37.6 million employed Filipinos, which translates to an employment rate of 93.0%. More than half of those employed (53.3%) were employed in services, while 30.9% had farm jobs. Industry accounted for a smaller portion of the pie, contributing 16% of employment.