MANILA, Philippines–Local stocks slipped Thursday after posting gains for six days straight, even though the country reported a better-than-expected second-quarter gross domestic product growth rate.
The Philippine Stock Exchange index lost 59.76 points, or 0.83 percent, to close at 7,100.70. In the last few days, a play ahead of GDP results has helped perk up the local market. On Thursday, it was reported that the country’s -uarter GDP grew by 6.4 percent, or better than the market forecast of 6.1 percent.
The day’s decline was led by the property counter, which slipped by 1.44 percent.
Value turnover for the day amounted to P10.43 billion. There were 71 advancers against 111 decliners, while 47 stocks were unchanged.
Investors locked up gains from Globe (-3.2 percent) as well as ALI and AC, which both fell by over 2 percent, while EDC (-1.78 percent) also succumbed to profit-taking.
On the other hand, Semirara firmed up by 2.07 percent while parent DMCI also advanced by 1.38 percent.–Doris C. Dumlao