Strong growth outlook shores up PSEi

Investors positioning before the release of the second quarter gross domestic product pushed up the benchmark index on Monday.

By the closing bell, the Philippine Stock Exchange Index (PSEi) rose 0.45 percent, or 28.74 points, to 6,434.24 while the broader All Shares index climbed 0.49 percent, or 16.67 points, to 3,448.73.

Trading volume ramped up as 591.4 million shares valued at P7.91 billion changed hands.

Economists said economic expansion likely accelerated in the second quarter as business activity received a boost from the removal of most pandemic movement restrictions.

The Netherlands-based ING Bank revised its second-quarter forecast to 8.8 percent from 8.3 percent, while United Kingdom-based Capital Economics saw faster growth at 10.3 percent.

Moreover, the Philippine Statistics Authority said unemployment rate in June was steady from the 6 percent in May.

Semirara Mining and Power Corp. was the top traded stock as it sank 3.66 percent to P39.50 per share. On Monday, Semirara joined the 30-member PSEi, replacing Security Bank Corp.

Overall, there were 113 advancers against 55 losers while 55 companies closed unchanged. INQ