PH growth prospects pull market to 8,000 mark
The stock barometer climbed back to the 8,000 mark on Thursday as foreign funds continued to flow in anticipation of stronger domestic economic growth this year.
The main-share Philippine Stock Exchange index (PSEi) racked up 75.25 points, or 0.94 percent, to close at 8,064.90, tracking mostly upbeat regional markets.
On Thursday, it was reported that the gross domestic product grew by 6.1 percent year-on-year in the fourth quarter, slightly below the consensus growth forecast of 6.3 percent.
Manny Cruz, strategist at Papa Securities, said the 6.1-percent growth, albeit slightly below expectations, “remains credible considering all the negative factors that transpired last year—higher inflation, higher interest rates, volatile currency.”
Cruz said investors instead focused on the fact that private consumption had improved dramatically.
“For 2019, private consumption will continue to accelerate because of the [mid-term] elections and Southeast Asian Games [to be hosted by the Philippines] in November. These twin events will boost consumer spending,” he said.
The PSEi was led higher by the financial, industrial and services counters, which all rose by over 1 percent.
The holding firm and property counters also gained.
Only the mining/oil counter ended in the red, losing 3.42 percent.
Value turnover for the day amounted to P7.55 billion. There was P789.78 million in net foreign buying for the day.
There were 120 advancers that edged out 87 decliners, while 43 stocks were unchanged.
Investors picked up shares of SMC and URC, which both gained over 3 percent.
PLDT and BPI both added over 2 percent.
BDO, Metrobank, SM Investments and RRHI all gained over 1 percent.
Ayala Corp., Ayala Land, Puregold, Globe Telecom and Megaworld also all firmed up.
Notable gainers outside the PSEi included ISM, which rose by 2.82 percent, and Bloomberry, which added 1.96 percent.
Meanwhile, JG Summit slipped by 1.2 percent.
Non-PSEi stock Phoenix lost 2.19 percent.
