PSEi closes at new record high, misses 9,000 level by a hair
The bellwether Philippine Stock Exchange index rose 0.54 percent or 48.40 points to 8,999.02 — beating Monday's record of 8,950.62 and marking its fifth record finish this year. File
MANILA, Philippines — The stock barometer posted a new record high on Tuesday, closing the trading session a stone’s throw away from the 9,000 level as investors shrugged off the country’s slower than expected economic growth in the fourth quarter.
The bellwether Philippine Stock Exchange index rose 0.54 percent or 48.40 points to 8,999.02 — beating Monday's record of 8,950.62 and marking its fifth record finish this year.
The country’s gross domestic product — or the value of all finished goods and services produced in the country — grew 6.6 percent in the fourth quarter, cooling down from the upwardly revised 7 percent in the previous three months.
The October-December GDP settled below market estimate of 6.7 percent, but nonetheless matched the growth rate recorded in the same period in 2016.
The fourth quarter figure placed the country’s full-year GDP performance to 6.7 percent, slower than 2016’s 6.9 percent but still within the government’s 6.5-7.5 percent growth target range in 2017.
READ: Philippine economy grows 6.7% in 2017
“Philippine stocks climbed despite less than expected fourth quarter GDP growth. Investors discounted this and looked forward to this year’s growth target,” Luis Limlingan of Regina Capital Development Corp. said in a market commentary.
“The median forecast on GDP was 6.7 percent according to a Bloomberg survey, and the 0.1 percent difference was enough for investors to sell. Some had even expected this to hit the 7.0 percent mark,” he added.
All sectoral counters ended in the green except in financials sector, which was down 0.43 percent or 9.85 points to 2,277.02.
Holding firms sector gained 1.20 percent followed by mining/oil sector (0.65 percent), services (0.55 percent), industrial sector (0.48 percent), and property sector (0.41 percent).
Advancers trumped decliners at 125 to 84, while 47 issues closed flat. Value turnover stood at P8.54 billion.
San Miguel Corp. helped lift the local bourse, surging by 3 percent, while SM Investments added 2.34 percent.
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