PH stocks down despite upbeat 2013 GDP

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Despite the better than expected economic growth in 2013, Philippine shares closed the shortened trading week in the red after the United States (US) Federal Reserve said it will continue its tapering plans for its bond-buying program.

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Markets will be closed on Friday as the calendar transitions to the Year of the Wooden Horse.

Abbygayle Estrella, equities analyst in AB Capital Securities Inc., said in a phone interview that the market went down because the US Federal Reserve further cut its bond-buying program by another $10 billion starting next month.
US stocks also fell overnight as a result.

Philippine shares, however, pared their losses during the latter part of Thursday trade, as investors took cue on the upbeat gross domestic product growth for 2013, which was announced also on Thursday.

For the last trading session for this week, the Philippine Stock Exchange index (PSEi) went down by 0.47 percent, or 28.65 points to 6,041.19, while the broader all-shares barometer dipped by 0.44 percent, or 16.34 points to 3,675.92.

Except for property, the rest of the sectoral indices registered losses.

Mining and oil had the largest drop, falling by 1.28 percent, or 177.89 points to 13,735.34, followed by the industrial, which lost 0.83 percent, or 74.65 points to 8,872.41.

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