SHARE prices firmed for a third consecutive day ahead of the release of second quarter economic growth data.
The benchmark Philippine Stock Exchange index (PSEi) added 37.18 points or 0.46 percent to settle at 8,046.59. The wider All Shares rose 0.45 percent or 21.36 points to finish at 4,751.09.
“I think it’s still a continued rally ahead of the GDP (gross domestic product) report. But gains were tempered at the close ahead of US Fed minutes,” IB Gimenez Securities research head Joylin Telagen said.
“But the focus this week is the GDP report as it will determine the index movement after mixed corporate earnings report,” she added.
Regina Capital Development Corp., in a market note, said it expected Q2 GDP to have expanded by 6.5 percent year-on-year.
“Broader financial conditions eased incrementally and the credit impulse – derived from data on bank lending to the real economy until end-June 2017 – suggests more support for private spending growth than in Q1,” the brokerage firm said.
Summit Securities, Inc. President Harry Liu said the market tried to breach a resistance level of 8,100 but failed due to lack of a substantial impetus.
All sectoral indices were in the green, led by mining and oil that rose by 2.38 percent.
Over 1.5 billion issues valued at P12.7 billion were traded.
Advancers led decliners 121 to 68 while 55 issues were unchanged.