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Philippine stocks and the peso rise as US jobless claims decline

MANILA, Philippines – Both the benchmark stock index and the peso advanced on Friday, aided in part by an improvement in US jobless claims, which fell to their lowest level since 1969.

The Philippine Stock Exchange (PSEi) index increased by 0.60 percent, or 42.23 points, to 7,124.84.

Following that, All Shares increased by 0.41 percent, or 15.24 points, to 3,774.59 points.

The majority of sector indices also gained during the day, including Financials, which increased 1.27 percent; Services, which increased 1.24 percent; Holding Firms, which increased 0.39 percent; and Industrial, which increased 0.37 percent.

By contrast, Mining and Oil fell 0.57 percent, while Property fell 0.26 percent.

Volume was light, totaling 599.16 million shares worth PHP5.48 billion.

At 93 to 84, advancers outnumbered decliners, while 52 shares remained unchanged.

“Philippine shares continued to climb as jobless claims fell to a more than decade low of 187,000, indicating that the US economic recovery may continue to grow despite headwinds such as the Ukraine-Russia war and rising interest rates,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Unemployment claims in the United States fell by 28,000 in the week ending March 19, the lowest level since September 1969.

Meanwhile, the local currency strengthened against the US dollar, closing at 52.15 versus 52.33 a day ago.

It began the day at 52.305, significantly higher than yesterday’s 52.41 level.

It fluctuated between 52.305 and 52.12, averaging 52.211.

Volume increased to USD1.11 billion, up from USD960.95 million the previous day.

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