Shares bounce back as PH growth numbers improve

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Philippine shares rebounded on Friday on thin trading volume after the government announced the Philippine economy expanded by 5.7 percent last year.

The benchmark Philippine Stock Exchange Index (PSEi) jumped 1.33 percent, or 91.99 points, to 7,018.02 while the broader all-shares index added 1.03 percent, or 38.22 points, to 3,739.45.

The Philippine economy grew by 5.7 percent in 2021, which was adjusted upward from 5.6 percent, according to the Philippine Statistics Authority.

The country also recorded higher factory output amid less stringent pandemic restrictions in February this year, based on the latest monthly integrated survey of selected industries report.

All PSE subsectors closed higher with services jumping 2.45 percent, followed by property, up 1.9 percent; financials, up 1.51 percent; mining and oil, up 1.41 percent; industrial, up 1.16 percent; and holding firms, up 0.03 percent.

A total of 659.97 million shares valued at P4.02 billion changed hands while foreign buyers returned with net purchases of P458.19 million.

There were 101 advancers against 66 losers while 54 companies closed unchanged, PSE data showed.

SM Investments Corp. was the most actively traded during the session as it slipped 0.57 percent to P865 per share.

It was followed by BDO Unibank Inc., up 1.92 percent to P132.50; Converge ICT Solutions Inc., up 2.87 percent to P28.65; International Container Terminal Services Inc., up 3.21 percent to P225; and Bank of the Philippine Islands, up 2.07 percent to P98.50 per share.

Ayala Land Inc. rose 2.19 percent to P34.95; Semirara Mining and Power Corp., up 1.45 percent to P31.45; Ayala Corp., up 1.04 percent to P778; SM Prime Holdings Inc., up 2.07 percent to P37.05; and AC Energy Corp., up 2.28 percent to P8.54 per share.