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PH stocks index rises to start the week; PHP/USD exchange rate barely changes.

The main stock index for the Philippines had a positive start to the day, while the peso’s performance against the US dollar ended in a range.

To reach 6,434.24 points, the Philippine Stock Exchange index increased by 0.45%, or 28.74 points.

All Shares then increased by 16.67 points, or 0.49 percent, to 3,448.73 points.

The majority of sectoral indices saw advances for the day, including Financials (1.11%), Industrial (0.94%), Services (0.87%), and Holding Firms (0.55%).

However, Mining and Oil decreased by 1.76 percent, while Property decreased by 0.74 percent.

With 591.4 million shares changing hands for PHP7.91 billion, volume remained low.

55 other shares were unchanged, and there were 113 more advancers than decliners.

“Trading in Philippine shares. Higher as the local market anticipates the announcement of the nation’s 2Q22 GDP (gross domestic product) numbers on Tuesday, August 9, according to a statement from Regina Capital Development Corporation’s head of sales, Luis Limlingan.

The Philippine Statistics Authority (PSA) said during the day that the estimated rate of growth for the domestic economy in the first quarter of 2022 had been reduced from 8.3 percent to 8.2 percent.

The forecasts for real estate and home ownership decreased from 7.9 percent to 5.9 percent; manufacturing increased from 10.1 percent to 9.8 percent; and wholesale and retail commerce, auto and motorcycle repair increased from 7.3 percent to 7 percent.

According to the PSA, the unemployment rate for June 2022 was unchanged at 6.0 percent, the same as the previous month.

Compared to one month earlier, the labor force participation rate increased to 64.8% in the sixth month of this year, although the employment rate remained unchanged at 94.0%.

From 14.5 percent a month ago, underemployment decreased to 12.6 percent.

According to Limlingan, the US reported Friday that nonfarm payrolls increased by more than anticipated, from expectations of roughly 258,000 to 528,000.

Additionally, unemployment was 3.5 percent, somewhat lower than the estimated 3.6 percent.

The unemployment rate has already returned to its pre-pandemic level and is at its joint-lowest level since 1969, according to Limlingan.

In a similar vein, the peso barely changed in value relative to the US dollar after ending the day at PHP55.55 to the greenback on Friday.

The price ranged from PHP55.72 to PHP55.45 after opening the day at PHP55.5. The daily average level was 55.594.

Volume fell from USD1.22 billion in the previous session to USD886.97 million.

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