5.6% Philippine GDP growth in 2023 good enough for investors

MANILA  —The Philippine benchmark index tilted higher on Wednesday as investors cheered government data showing the Philippine economy had expanded by 5.6 percent last year.

The Philippine Stock Exchange Index rose 0.37 percent, or 24.43 points, to 6,646.44 while the broader All Shares Index added 0.34 percent, or 11.78 points, to 3,499.49.

“Although this was below the government’s target of at least 6 percent, the market viewed the data positively as it was not only above the median estimate of many economists, but it also showed that the Philippines was the fastest growing economy among Asean (Association of Southeast Asian Nation) countries that have published their respective [gross domestic product] data to date,” said Juan Paolo Colet, managing director at investment bank China Bank Capital Corp.

READ: Economic growth slowed in 2023, missed gov’t target

Later in the day, the US Federal Reserve will hold its first policy meeting for the year.

Trading activity also pushed higher as 423.55 million shares valued at P6.76 billion changed hands while foreigners were net buyers to the tune of P256.1 million, data from the stock exchange showed.

Subsector data were mixed as property, services, financials, and mining and oil rose while holding firms and industrials slipped.

READ: Stocks eke out gains as investors focus on Fed

International Container Terminal Services Inc. was the top traded stock as it gained 1.5 percent to P243 per share.

It was followed by SM Investments Corp., down 2.49 percent to P900; BDO Unibank Inc., up 1.12 percent to P145; SM Prime Holdings Inc., up 1.63 percent to P34.25; and Ayala Land Inc., up 3.33 percent to P34.10 per share.

Universal Robina Corp. was down 0.89 percent to P111.50; Jollibee Foods Corp., down 1.93 percent to P254 and Ayala Corp., up 2.88 percent to P679.