The stock market was again in the black on Thursday as investors were cheered by news that economic growth had picked up in the second quarter.
The bellwether index gained 0.33 percent or 26.16 points, closing at 8,072.75. The broader All Shares grew by 0.21 percent or 9.80 points to finish the day at 4,760.89.
“There was a report on GDP [growth]at 6.5 percent which was positive. The market seems to be trying a new high—it’s only the volume that is not very big but nevertheless, this is the first time we crossed in the high,” Summit Securities Inc. President Harry Liu said.
The Philippine Statistics Authority reported that gross domestic product growth had hit 6.5 percent in April-May, rising from the 6.4 recorded in the first four months of the year.
“This may have kept a wave of optimism. Property and banks stocks took some limelight today as a result,” COL Financial chief technical analyst Juanis Barredo said.
Regina Capital Development Corp., meanwhile, said: “Philippine equities met with a lukewarm reception the latest 2Q GDP figure as the 6.5 percent mark was slightly above the median estimate of 6.4%.”
“Investors still bought into the news as the index attempted another crack at the 8,100 level,” it said in a note.
Sectoral results were mixed. Property gained 0.71 percent while holding firms retreated 0.11 percent.
Volume turnover reached 1.1 billion, valued at P6.3 billion.
Winners led losers, 111 to 77, while 55 issues were unchanged.