In­dex re­cov­ers on sum­mit talks, Q3 GDP data

The Philippine Star - - BUSINESS - By IRIS GON­ZA­LES

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.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.