Q1 GDP results lift share prices

Share prices gained yesterday amid a muchawaited first quarter economic expansion that missed government target.

The Philippine Stock Exchange index added 15.73 points, or 0.20 percent, to finish at 7,571.00 while the broader All Shares index gained 9.42 points, or 0.20 percent, to settle at 4,629.91.

Investors were keenly awaiting all week for the results of the country’s first quarter gross domestic prod- uct and they were not disappointed with the 6.8 percent growth outcome even as the expansion was below government target of seven percent.

“The index just inched higher maybe because of GDP came in as expected,” IB Gimenez Securities Inc. head of research Joylin Tela- gen said.

However, analysts said investors were still in search for more catalysts as value turnover remained thin.

“Market is still sluggish, with volume only at P5.4 billion. We are now awaiting BSP interest rate guidance,” Regina Capital Development Corp. president Marita Limlingan said.

Local counters were mixed at three apiece. Financials led those in the green as it jumped by 1.36 percent, while holding firms fell the hardest with a 0.49 percent drop.

Market breadth was positive as advancers outnumbered decliners, 104 to 85, while 55 stocks did not change.