PHILIPPINE STOCKS fell on Thursday on profit taking and data showing more Filipinos were unemployed in May, with the quality of jobs worsening.
The benchmark Philippine Stock Exchange index (PSEi) slid by 92.69 points or 1.43% to close at 6,352.32 on Thursday, while the broader all shares index went down by 37.51 points or 1.08% to 3,405.39.
“The PSEi retreated today and retraced much of yesterday’s rally as investors likely took profit following gains in the first half of the week… Nevertheless, the market’s move remains in line with a healthy pullback,” China Bank Securities Corp. Research Head Rastine Mackie D. Mercado said in a Viber message.
“Shares on the Philippine Stock Exchange retreated, snapping a four-day winning streak, as more Filipinos found themselves unemployed or out of business in May while the quality of available jobs worsened, in what could be a sign that the economy, while growing again, is struggling to heal the pandemic-battered labor market,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Arlan C. Arce said in a Viber message.
“Sentiment may have also been soured after the government tempered its growth target for this year. The Marcos administration is now looking at a 6.5% to 7.5% economic growth in its first year in office, lower than the target set by the previous government,” Mr. Arce said.
Preliminary data from the Philippine Statistics Authority released on Thursday showed this was higher than the jobless rate of 5.7% in April, but remained lower than 7.7% in May last year.
May’s unemployment rate was equivalent to 2.927 million jobless Filipinos in May, up 165,000 from 2.762 million in April.
Job quality also deteriorated as the underemployment rate — the proportion of those already working but still looking for more work or longer working hours to the total employed population — rose to 14.5% in May from 14% in April.
In absolute terms, this translated to 6.668 million underemployed…
All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator
Read more from original source here…