The local stock barometer ended slightly higher Wednesday as optimism on the country’s economic growth offset fresh US interest rate jitters.
Rising for the fourth straight session, the Philippine Stock Exchange index (PSEi) overcame the slump seen in early trade. Firming up in afternoon trade, the main index ended 9.46 points or 0.13 percent higher at 7,534.30.
Across the region, trading sentiment was mixed as Japan’s first-quarter economic growth beat expectations while jitters on the US Federal Reserve’s rate increase escalated.
Despite the US selloff Wednesday, markets cheered as the Japan GDP (gross domestic product) print expanded ahead of all forecasts by 1.7 percent, said Luis Gerardo Limlingan, managing director at Regina Capital Development. “Finally, the market closed in the green as expectations are running high that first-quarter GDP will be able to meet analysts’ expectations when the report is given (today),” Limlingan said. Doris Dumlao-Abadilla