Stocks stay above 8,000 ahead of GDP results

The stock market managed to stay above the 8,000 level yesterday ahead of the release of second quarter gross domestic product (GDP).

The benchmark Philippine Stock Exchange index (PSEi) stayed above the 8,000 mark but was unable to reach a new high, closing at 8,046.59, down 37.18 points or 0.46 percent while the broader All Shares gauge gained 21.36 points or 0.45 percent to finish at 4,751.09.

As for the rest of the counters, it was a solid green day yesterday with all sectoral indexes closing in positive territory.

Among the different counters, the mining and oil index booked the biggest gains, rallying 2.38 percent as did the industrial counter which rose one percent.

Total value turnover was P12.74 billion, buoyed by the sale of Megawide parent firm Citicore Holdings Investment Inc. of its 313.8 million shares in Megawide to Megacore, a new holding company formed to consolidate the stake of Megawide co-founder Edgar Saavedra.

Market breadth was positive as gainers outnumbered losers 121 to 68 while 55 issues were left unchanged.

Astro del Castillo, managing director at First Grade Finance Inc. said the market is keenly awaiting the results of the second quarter GDP, which economists said likely accelerated on higher government spending and strong domestic demand.