Share prices advance on positive GDP data

Share prices went up yesterday as market welcomed the third quarter performance.

The benchmark Philippine Stock Exchange index finished at 8,073.81, up 47.93 points, or 0.59 percent, while the broader All Shares index also rose 18.41 points, or 0.38 percent, to finish at 4,822.77.

All the other gauges were up as well with the industrial and mining and oil ending in negative territory.

Total value turnover was thin at P5.117 billion. Market breadth was positive 93 to 81 while 61 issues were unchanged.

The results came following the 6.2 percent third quarter gross domestic product growth report of the government, which was better than consensus.

Meanwhile, Phoenix Petroleum Philippines Inc. held a ceremonial bell ringing at the Philippine Stock Exchange (PSE) yesterday after the company raised P7 billion from the issuance of its series 4 preferred shares.

“I am optimistic that the company will continue its growth trajectory particularly as it intends to use a portion of the proceeds from this offering for depot and network expansion and improvements. I am told that there are terminal upgrades in Batangas and Misamis Oriental, while new terminals will be constructed in General Santos and Cebu. The company will also utilize the funds to reimburse advances to its subsidiaries, including its foreign subsidiaries. As you may know, Phoenix has presence in Singapore, Indonesia and most recently, in Vietnam,” PSE chairman Jose T. Pardo said in his welcome remarks during the event.