Share prices on the Philippine Stock Exchange traded sideways on Thursday, as the market had already priced in the second quarter gross domestic product (GDP).
The Philippine Statistics Authority reported that economic output as measured by the GDP expanded by 7 percent in the second quarter of the year, falling within market expectations.
The benchmark the PSEi was up 0.08 percent or 6.62 points to 7,952.81at the closing bell. The broader All Shares rose by 0.22 percent or 10.47 points to 4,707.58.
Harry Liu, president of Summit Securities Inc., noted that investors “already anticipated” the positive GDP performance and was thus discounted.
“The market now is up today because we’re going on a medium-term window. The market is absorbing everything in the economy and political space, seeing more development to come in.
“We’re up a little today because of the positive US market. The GDP number is good, but it is already anticipated. The market is behaving in a medium-term consolidation,” Liu said.
More than 1.319 billion shares were traded, valued at P8.33 billion. Losers led gainers, 109 to 80, while 51 issues were unchanged.
On Wednesday, the PSEi declined by 0.47 percent or 37.19 points to 7,946.19, while the All Shares dropped 0.35 percent or 16.49 points to 4,697.11.