The Philippine Stock Exchange index (PSEi) gained 38.25 points or 0.54% to close at 7,002.26 on Friday, while the all shares index went up by 19.54 points or 0.45% to end at 4,294.97.

Preliminary results of the Philippine Statistics Authority’s May 2021 round of its Labor Force Survey showed that the country’s unemployment rate in May slowed to 7.7% from 8.7% in April, the second-lowest rate recorded since the year began.

On Thursday, the IHS Markit also reported that manufacturing activity in the Philippines expanded in June after two months of contraction following the implementation of less stringent quarantine restrictions. The Philippine Manufacturing Purchasing Managers’ Index (PMI) went up to 50.8 in June from 49.9 in May.

For the week, the index added 51.75 points or 0.7 percent. June 2, Friday’s closing marked the PSEi’s best level since ending at 7,044.06 on February 16, 2021. This suggests that the market is back to levels last seen before the resurgence of new local COVID-19 cases that triggered the tightening of quarantine restrictions in March.

The government has started to ease mobility restrictions anew as local government units intensified their COVID-19 rollout.

On Friday, value turnover amounted to P5.85 billion. The market was perked up by about P754 million worth of net foreign buying, coming from a P4-billion net selling on Thursday.

108 advancers edged out 100 decliners, while 36 stocks were unchanged.

Source:
https://business.inquirer.net/326219/psei-finally-smashes-7000-hurdle-in-best-performance-in-4-months
https://www.bworldonline.com/psei-breaks-past-7000-on-positive-economic-data/