Local stocks rose Wednesday on declining unemployment rate and as investors await the release of second-quarter gross domestic product.
The Philippine Stock Exchange index advanced by 57.48 points, or 0.89 percent, to close at 6,530.45, while the broader all-shares index rose 19.05 points to 3,480.16.
Regina Capital Development Corp. managing director Luis Limlingan said investors bought Philippine stocks ahead of the GDP release and as companies reported better-than-expected second-quarter earnings.
Philstocks Financial Inc. research analyst Claire Alviar said investors also welcomed the decline in June unemployment rate.
The Philippine Statistics Authority said Wednesday unemployment rate declined to 4.5 percent in June 2023 from 6 percent a year ago, but slightly increased from 4.3 percent in May.
Market value turnover remained thin at P3.26 billion.
