Connect with us

Hi, what are you looking for?

News

Shares rally on better-than-expected GDP print

REUTERS

PHILIPPINE SHARES continued to rally on Tuesday after the country logged a better-than-expected gross domestic product (GDP) growth in the third quarter.

The benchmark Philippine Stock Exchange index (PSEi) went up by 45.45 points or 0.61% to close at 7,441.67 on Tuesday, while the broader all shares index climbed 20.97 points or 0.46% to end at 4,531.86.

“Market rallied for the second day this week as GDP [data] came in better than expected. The Philippine economy rose 7.1% in the [third quarter], significantly higher than [the] consensus forecast of 4.6% and was among the fastest in the ASEAN (Association of Southeast Asian Nations),” Papa Securities Corp. Equities Strategist Manny P. Cruz said in a text message.

“GDP growth in the first three quarters averaged 4.9%, near the upper end of the target range of 4% to 5% for the year,” he added.

The Philippine Statistics Authority reported on Tuesday that the economy expanded by 7.1% in the third quarter versus the 11.6% contraction posted in the same period last year. However, this was slower than the upward-revised 12% GDP growth in the second quarter.

“Value turnover remained considerable… as net foreign buying remained robust,” Mr. Cruz said.

Value turnover increased to P9.49 billion with 1.31 billion issues traded on Tuesday, higher than the P8.30 billion with 1.34 billion shares seen the previous trading day.

Meanwhile, net foreign buying decreased to P812.74 million on Tuesday from the P908.47 million logged on Monday.

“In the international scene, market participants may be feeling positive over the global economic reopening, amid the recent promising results over a possible COVID-19 (coronavirus disease 2019) pill,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

Pfizer, Inc. and BioNTech SE developed an antiviral drug to reduce the risk of severe COVID-19. The early trial of the pill was halted after it was reported to be 89% effective.

Last week, Britain became the first country to approve a COVID-19 antiviral pill developed by Merck & Co., Inc. and Ridgeback Biotherapeutics.

Majority of sectoral indices posted gains on Tuesday except for property, which lost 3.84 points or 0.11% to 3,380.12.

Meanwhile, services gained 27.41 points or 1.38% to finish at 2,006.76; industrials rose 103.17 points or 0.95% to 10,952.65; financials picked up 9.55 points or 0.58% to 1,645.89; mining and oil went up by 55.29 points or 0.55% to close at 9,938.43; and holdings firms increased by 31.80 points or 0.44% to 7,157.70.

Advancers beat decliners, 103 against 87, as 48 names closed unchanged.

“[The] 6,940 remains the immediate support area, while 7,510 seems to be the closest resistance level to watch,” Mr. Pangan said. — Keren Concepcion G. Valmonte

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

REUTERS TRADE Secretary Alfredo E. Pascual’s intention to join more free trade agreements received backing from major business chambers, who declared support for participating...

News

NATIONAL IRRIGATION ADMINISTRATION PHOTO RELEASE SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) declined by 82.31% year on year to P7.905 billion in May,...

News

PHILIPPINE STAR/ MICHAEL VARCAS AGRICULTURE and fisheries planning needs to be more “bottom-up” to better meet the needs of farmers and fisherfolk, steering away...

News

REUTERS ERIC BROTEN had planned to sow about 5,000 acres of corn this year on his farm in North Dakota, but persistent springtime rains...

News

(First of two parts) Family-run businesses require structures that are necessary to ensure a smooth transition. In the Philippines, the wealth of ultra-high net...

News

THOUSANDS of supporters of President Ferdinand “Bongbong” R. Marcos, Jr. are unfazed by the rain during a free concert held in Manila on the...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.