Bourse surges on positive Q3 economic data

MANILA, Philippines (Xinhua) - The stock market extended its winning streak today after the government announced that the country's economy grew 7 percent in the third quarter.
The bellwether Philippine Stock Exchange index jumped by 1.92 percent, or 116.09 points, to 6,169.96, while the broader all- share index rose by 1.39 percent, or 51.43 points, to 3,755.58.

Trading volume reached 987.84 million shares worth P6.78 billion ($155.19 million) with 98 stocks advancing, 53 declining, and 44 were unchanged.

All six counters were up.

"Confidence, though still evidently shaky, has crept back into the market by the third quarter gross domestic product (GDP) results," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Philippine GDP grew by 7 percent from July to September, slower than 7.6 percent recorded in the second quarter. The economic performance during the period, however, enabled the government to remain on track in its goal of hitting its full-year growth target of 6 to 7 percent.

Other Asian equities were also up as investors cheered the improving economic numbers of the United States.

These developments, Calaycay said, have prevented the local equities from slipping back to the 5,000-level.

"Amid this robust growth, inflation has been well-managed, allowing the local central bank to keep an accommodative monetary stance," Calaycay said.

He noted that this is a definite boon to business, investments, and consumption.

Stocks in the 30-company index were up. These included heavyweight Philippine Long Distance Telephone Co., Ayala Corp., and Ayala Land, Inc.