PSE goes on break for Bonifacio Day

THE LOCAL stock market is on a holiday break today (Monday) in observance of Bonifacio Day, which honors Andres Bonifacio, a hero of the Philippine Revolution.

Last week, the Philippine Stock Exchange index (PSEi) slipped by 0.08 percent to close on Friday at 6,927.07. It had rallied early in the weak but pulled back to levels below 7,000 as investors digested the Philippine gross domestic product (GDP) performance for the third quarter.

For last week’s trading, Banco de Oro Unibank chief strategist Jonathan Ravelas said “gains were not sustained as third quarter 2015 GDP data fell shy of market expectations, rising at 6 percent year-on-year versus a 6.3-percent growth consensus, dampening investor sentiment.” Doris Dumlao-Abadilla