Index up anew on GDP optimism
MANILA, Philippines – Share prices were up again yesterday as optimism continued to prevail ahead of the first quarter economic data, analysts said.
The Philippine Stock Exchange index (PSEi) managed to stay up albeit slightly by 9.46 points or 0.13 percent to close at 7,534.30, while the broader All Shares index gained 1.34 points or 0.03 percent to finish at 4,476.33.
Most of the counters ended in positive territory except for the industrial and services index.
The mining and oil counter continued to surge, gaining 331.44 points or 2.91 percent, while the financials index gained 15.02 points or 0.89 percent.
Luis Limlingan, managing director at Regina Capital said expectations are running high ahead of the first quarter gross domestic product (GDP) report.
“Despite the US sell off yesterday with the thinking behind a June hike as a preemptive move ahead of what will be an especially contentious election in November, markets cheered as the Japan GDP print expanded ahead of all forecasts by 1.76 percent,” Limlingan said.
“Finally, the market closed in the green as expectations are running high that first quarter gross domestic product will be able to meet analysts expectations when the report is given (today),” he added.
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