Index recovers on summit talks, Q3 GDP data
Share prices managed to recover yesterday ahead of the conclusion of the ASEAN Summit as well as the release of the third quarter economic growth report.
The benchmark Philippine Stock Exchange index (PSEi) gained 49.62 points, or 0.59 percent, to finish at 8,379.64 while the broader All Shares index gained 19.29 points or 0.39 percent to end at 4,913.91.
The holding firms, mining and oil and the industrial indexes all closed in positive territory while the property, financials and services counters, on the other hand, closed in negative territory.
Total value turnover reached P8.88 billion. Market breadth was negative. Decliners outnumbered advancing stocks, 111 to 76 while 51 issues were left unchanged.
Analysts said the Philippines’ successful hosting of the 31st ASEAN Summit where world leaders came including US President Donald Trump and Canadian Prime Minister Justin Trudeau gave local share prices a last minute boost.
Traders said market investors are also waiting for the release of the third quarter economic results tomorrow.
Commenting on yesterday’s session, Luis Limlingan of Regina Capital said: Philippine shares bounced back ahead of the ASEAN Summit conclusion and the release of GDP data.
“This is in line with US stocks which slowly gained on Monday as uncertainty continued to swirl around the state of Republican tax-cut legislation while blue-chip General Electric Co. tumbled to its lowest in over years,” Limlingan said.