PSEi hits over one-year high on heels of Q2 GDP

Philippine share prices climbed for the fourth successive trading day on Thursday, after the "well-accepted" economic data on the second quarter of the year was released.

The main PSEi climbed 26.16 points or 0.33 percent to 8,072.75 – its highest in more than a year since closing at 8,100.48 on July 27, 2016.

The broader All Shares gained 9.80 points or 0.21 percent to 4,760.89.

"The GDP (gross domestic product) at 6.5 percent, announced today, is well-accepted. The investing public is taking it positively," Harry G. Liu, president of Summit Securities Inc., said.

In a separate market note, Regina Capital Development Corp. said investors welcomed the latest economic figures, although the reception was lukewarm.

"Philippine equities met with a lukewarm reception the latest 2Q GDP figures as the 6.5-percent mark was slightly above the median estimate of 6.4 percent," the stock brokerage firm said.

The economy grew by 6.5 percent in the second quarter of the year, driven by trade, renting, manufacturing, business and real estate activities, the Philippine Statistics Authority (PSA) reported Thursday morning.

"We may make new highs," Liu noted. "The sooner, the better, if there's more positive news. Hopefully, it will continue next week, but we don't know if there's any good news forthcoming." he said.

The index is just 54.73 points off the 8,127.48 all-time high hit on April 10, 2015.

Foreign funds bought P3.397 billion of shares during the session and sold P3.044 billion for a net buying position of P352.812 million.

More than 1.170 billion shares, valued at P6.312 billion, changed hands. Advancers led decliners, 111 to 77, and 55 issues were unchanged.