The country’s third quarter gross domestic product (GDP) growth of 7 percent continued to have a positive effect on the local market, sending the benchmark index to the 6,200-point level.
”We are still bullish with the market. Since yesterday (Thursday), there’s a lot of positive news, especially with GDP (growth) at 7 percent, sent positive signals to the market,” BPITrade.com Director Richard Anthony Liboro said.
The third quarter GDP growth of 7 percent is way above the government’s own estimate of between 6.2 percent and 6.7 percent.
The Philippine Stock Exchange index (PSEi) continued to be influenced by the positive GDP growth figures, and climbed by 0.63 percent increase or 38.86 points to end at 6,208.82. The wider all-shares index went up by 0.56 percent or 21.15 points to 3,776.73.
Except for industrial and mining and oil, majority of the sectoral indices ended the week on the green side.
Property posted the largest gain, increasing by 1.09 percent or 26.27 points to 2,442.72, followed by services, which went up by 1.25 percent or 23.66 points to 1,912.92.
Financials climbed by 0.90 percent or 13.43 points to 1,513.56, and holding firms posted a 0.12-percent gain or 7.01 points to 5,654.72.
Mining and oil, on the other hand, retreated by 0.38 percent or 46.94 points to end at 12,268.50, while industrial dipped by 0.29 percent or 25.78 points to 8,931.37.
Overall, trading activity was quite dynamic, with value turnover hitting P10.2 billion.
Some of the most actively traded stocks on Friday were Philippine Long Distance Telephone Co., SM Prime Holdings Inc., Metropolitan Bank and Trust Co., Alliance Global Group Inc., Bank of the Philippine Islands, JG Summit Holdings Inc., Ayala Land Inc., and Universal Robina Corp.
On Thursday, the third quarter GDP result made a significant impact on the local equity market, and even pushed back the benchmark index to the 6,100-point level. The PSEi rose by 1.12 percent or 116.09 points to 6,169.96.
Madelaine B. Miraflor