PSEi falls on record-high unemployment

Philippine shares closed lower on Friday as a record-high unemployment rate dampened investor sentiment.

The PSEi fell by 0.8% or 52 points to end at 6,465.13, ending seven consecutive days of gains.

According to the Philippine Statistics Authority, the unemployment rate surged to 17.7% in April, equivalent to about 7.3 million Filipinos losing their jobs due to COVID-19 lockdown measures.

Philstocks Financial noted that high unemployment would likely slow business growth and contribute to a weaker economy.