The country’s second-quarter gross domestic product (GDP) growth of 7.5 percent helped the market pull off a quick recovery, after having been through steep declines in the past two trading days.
Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said in a text message that the market managed to recover from two-day sharp declines because of the strong second-quarter GDP growth.
Jun Calaycay, Accord Capital Equities Corp. analyst, said that share prices traced an expected path drawn by both near-term fundamental and technical influences.
“Sustained robust economic growth, an overnight decent rise in US equities and technically oversold market conditions lent a positive bias to Thursday’s trades. From being the worst performing market in the last two days, the PSEi [Philippine Stock Exchange index] emerged with top billing in the region today [Thursday],” she added.
From a two-day bloodshed, the bellweather index jumped 3.59 percent, or 206.15 points to 5,944.21. The wider all-shares barometer rose by 3.23 percent, or 113.53 points to 3,629.08.
“The PSEi easily closed the latest of two gaps that opened in the last six days, restoring the measure above 5,900 [points]at the noon recess. The surge is supported by volume with aggregate value just under the P4-billion mark at the break,” Calaycay said.
Also, all the sectors finally recovered from their steep correction in the past two days. Property, holding firms and financials went past the other sectors after rising by more than 4 percent each. Industrial and services jumped by more than 3 percent and 2 percent, respectively, while mining and oil went up by less than 1 percent.
Total value turnover stood at P9.67 billion with advancers edging losers, 117 to 38.
Some of the top gainers on Thursday were Jollibee Foods Corp., BDO Unibank Inc., Energy Development Corp., Ayala Corp., Megaworld Corp. and Alliance Global Group Inc.
From Tuesday until Wednesday, Philippine shares were stuck on the red side amid tensions in Syria, local geopolitical issues and reports of the US Federal Reserve tapering its stimulus program.