PSEi back to 7,000 level

The local stock barometer sprang back to the 7,000 level Wednesday, outperforming regional markets, ahead of the release of the third quarter economic growth report.

The Philippine Stock Exchange index rose by 66.54 points or 0.95 percent to close at 7,059.14 amid mostly sluggish Asian stock markets.

Stock markets in China, Indonesia and Jakarta were likewise up at a more modest pace than the PSEi while stock markets in Hong Kong, India, Japan, Singapore, Taiwan and Thailand ended in the red.

The Philippines is set to release today the third quarter gross domestic product (GDP) report.  Market consensus suggests a year-on-year growth of 6.3 percent.

All counters firmed up and P7.3 billion worth of shares changed hands.  There were 102 advancers and 66 decliners while 42 were unchanged.

The day’s gains were led by SM Prime, DMCI, Megaworld and BDO which all gained by over 2 percent. Doris Dumlao-Abadilla