Stocks get fresh boost from rosier IMF outlook on PH

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Local stocks on Thursday received a fresh boost from the International Monetary Fund’s decision to upgrade its economic growth outlook on the country, and the US Federal Reserve chair’s announcement that the United States needs to sustain its monetary stimulus.

The main-share Philippine Stock Exchange index jumped by 99.18 points, or 1.57 percent, to close at 6,407.36.

All counters closed up, but the biggest gainers were the industrial and property counters, which both rose by over 2 percent.

Value turnover improved to P7.15 billion from that of the previous day.

There were 106 advancers against 40 decliners, while 43 stocks were unchanged.

Risk appetite on local equities improved after IMF upgraded anew its growth forecast on the Philippines to 7 percent, from 6 percent. But the institution took a dimmer view of the global economy and even downgraded other emerging markets in the region.

Fed chair Ben Bernanke also had a hand in lifting the local stock market when he said that US regulator would need to continue its stimulus program because of the low inflation and high unemployment in the United States.

The day’s top index performer was Petron (+7.01 percent), followed by Bloomberry (+5.82 percent). FGEN, ALI and DMCI were all up by over 4 percent while Philex, AC, URC and Megaworld gained over 3 percent.

MWC, battered by concerns on consumer complaints against pass-on charges, rebounded by 2.73 percent.  Doris C. Dumlao

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  • koolkid_inthehouse

    WTF. Any minute now those money can be pulled out of the stock market.

  • UrHONOR

    THANK you OFW for the remittances…. and to the Call boys and Call girls of the country. You are a very important cog in the economic wheel of the nation. At higit sa lahat, sa pamahalaan ng bayan na walang humpay sa paghahanap ng paraan upang ang pagsulong ng bansa sa kasaganaan ay magtuloy-tuloy. SPECIAL MENTION sa pagtugis at pagpapakulong ng mga MAGNANAkAW, MANDARAMBONG, at MANGUNGULIMBAT ng kaban ni Juan. Genuino, Morato, Ligot, Garcia, Pichay, Razon, Versoza, ARROYO at arroyo…mga ilan sa maraming may sabit na sa aking palagay ay matagal ng dapat na-isabit!

  • retiredscotty@yahoo.com

    I live here in the Philippines and am not sure how the IMF arrives at their conclusions. Banks, credit cards and money lenders all have very high interest rates on borrowing, between 20 to 22%. In most countries this would be criminal, but here with no usuary laws or common sense in lending to help the middle-class and the poor, they want more money coming into them so the wealthy can still live their lifestyle, while the rest of the country suffers. I would not invest one centavo. If you want to invest, don’t count on repayment, oh and bring your own generator so you can be assured power.

    • Abnoy’s Mongoloidism

      That’s not true. Everything is fine and dandy according to our government. This is the golden age of the Philippines under Daang Matuwid. There’s no such thing as usury in this country! You’re criticisms are subversive. Be careful!

    • tilney

      I think you are not giving a correct data..I borrowed almost 1.0 million pesos as a car loan and the bank charged me 5% , 50,000 pesos for 1 year last 2011 and already paid the bank last year..Credit card is a different issue , but you have to use the credit card not like your cash cow, if not you are going to burn yourself , if you use it make sure that you have the money to pay your credit within the period where credit card issuer has not yet applied the interest..I think within the 28 days window..

  • Weder-Weder Lang

    If PH stocks got fresh boost from rosier IMF outlook on PH, will bad news from US Fed also adversely impact PH stocks?

    a. true but sometimes false
    b. false but sometimes true
    c. it’s depends
    d. it’s complicated eh

    • Abnoy’s Mongoloidism

      D? How’s your gay lover Tommy?

    • tilney

      I think within the weder weder lang heh..

  • willbillywilly

    PSE will go up big today with huge volume. I told you guys that I will enjoy an early Xmas in June since Ive been loading up when the market was being sold down senselessly!

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