PSEi rises amid below-target GDP report, peso slides

Philippine shares ended Thursday mostly up amid the report of below-target domestic output in 2018 but the peso weakened against the dollar.

The Philippine Stock Exchange index (PSEi) rose 0.94 percent, or 75.25 points, to 8,064.90 points.

Regina Capital Managing Director Luis Limlingan said investors sidelined the report about the Philippine economy’s 6.1 percent gross domestic product (GDP) in the last quarter of last year.

The fourth quarter figure brought the full-year average to 6.2 percent, below the 6.5 percent to 6.9 percent target for the year.

Limlingan said investors “rode the positive sentiment of regional markets” that allowed PSEi to post an increase at the end of Thursday’s trading.

PSEi’s rise was mirrored by most of the counters, with the All Shares up by 0.98 percent, or 47.22 points, to 4,861.23 points.

The sectors were led by Financials, which rose 1.36 percent, and was followed by Services, 1.35 percent; Industrial, 1.21 percent; Holding Firms, 0.75 percent; and Property, 0.23 percent.

Only the Mining and Oil index ended on the red after it fell 3.42 percent.

Volume reached 1.57 billion stocks amounting to PHP7.6 billion.

Gainers finally outturn losers at 120 to 87 while 43 shares were unchanged.

On the other hand, the local currency ended weaker at 52.86 from 52.75 to the greenback Wednesday.

A trader said continued negative news overseas plus the domestic growth report hurt the peso.

Amid the uncertainties, the local currency opened the day better at 52.65 from 52.83 a day ago.

It traded between 52.64 and 52.86, resulting in an average of 52.735.

Volume reached USD950.49 million, lower than the previous day’s USD994.29 million.

The peso is projected to trade between 52.60 and 52.80 to the dollar on Friday. (PNA)

Credit : http://www.pna.gov.ph/articles/1060006

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