Above par economic growth numbers give PSEi slight nudge
The benchmark Philippine Stock Exchange Index (PSEi) rose on Thursday while subsectors ended mixed after the government released data showing the economy expanded above target in 2021.
Bucking declines in Wall Street overnight and in major Asian indices, the PSEi added 0.27 percent, or 19.91 points, to 7,273.52. The broader all-shares index also rose 0.14 percent, or 5.38 points, to 3,861.49.
Earlier in the session, National Statistician Dennis Mapa said gross domestic product in the fourth quarter of 2021 expanded 7.7 percent after coronavirus infections dropped and the reopening of the economy resumed toward the end of the year.
Full-year growth hit 5.6 percent, exceeding the government’s 5-5.5 percent target for 2021.
The economy bounced higher after plummeting a record 9.6 percent in 2020 as COVID-19 lockdowns brought most business activity to a standstill.
Among subsectors, financials was the biggest winner, gaining 1.34 percent, while mining and oil dropped 1.99 percent followed by holding firms, down 0.26 percent.
Article continues after this advertisementServices also rose 0.62 percent followed by industrial, up 0.32 percent, and property, up 0.004 percent.
Article continues after this advertisementTrading volume ended with 1.7 billion shares valued at P6.25 billion changing hands while foreigners cut their holdings by a net amount of P676.14 million.
PSE data showed 102 losers against 74 gainers, while 62 companies closed unchanged.
Figaro Coffee Group Inc., which fell 6.52 percent to P0.86 per share, was the top traded company on Thursday.
It was followed by Security Bank Corp., up 0.10 percent to P105.10; Solar Philippines Nueva Ecija Corp., up 2.9 percent to P2.13; PLDT Inc., up 0.43 percent to P1,848; and AC Energy Corp., down 0.52 percent to P9.50 per share.
Other heavy movers were Metropolitan Bank & Trust Co., up 3.57 percent to P58; International Container Terminal Services Inc., up 0.29 percent to P204.60; BDO Unibank Inc., up 1.93 percent to P127; Universal Robina Corp., flat at P126, and Ayala Corp., down 1.84 percent to P852 per share.
