Index finishes at 8-week high

MANILA, Philippines — Share prices advanced yesterday following the release of the latest employment and inflation data during trading hours, with the numbers providing investors a glimmer of hope in the country’s path toward economic recovery.

The bellwether Philippine Stock Exchange index (PSEi) added 35.61 points or 0.52 percent to finish at 6,912.71, its highest level in eight weeks.

Likewise, the broader All Shares index rose 20.03 points or 0.47 percent to close at 4,275.76.

“The local market rose as unemployment rate improved to 6.9 percent in July (from 7.7 percent in June), and inflation rate within the Bangko Sentral ng Pilipinas’ estimated range of 4.1 to 4.9 percent,” said AB Capital Securities in a commentary.

Inflation rate hit 4.9 percent in August, the highest in 32 months.

A total of P5.398 billion worth of shares changed hands yesterday, still below this year’s average volume, even as market breadth was dominantly positive, 119 to 76, with 41 issues were unchanged.

Net foreign buying persisted for the third straight session with P109 million.

In terms of specific issues, fiber internet provider Converge ICT Solutions Inc. reached P32 per share yesterday, up 1.59 percent, after reports it would join the Financial Times Stock Exchange (FTSE) Global Equity Index, a global financial benchmark, this month.

Converge is the only Philippine company to be added to the Small Cap Index of the FTSE Global Equity Index Series (GEIS) in this most recent review.

“We’re pleased to be included in this roster of valuable and viable securities in the region. This will lead to more exposure to passive and active investors, and for them, a more diversified portfolio in a promising industry in this region” said Dennis Uy, CEO and co-founder of Converge.