GDP pumps up PSEI

The local bourse on Thursday defied the declines at Wall Street as the improving local economy fired up investors despite recession fears in the US.

The benchmark Philippine Stock Exchange Index (PSEi) added 0.22 percent, or 14.1 points, to 6,549.27.

Meanwhile, the broader All Shares Index gained by 0.23 percent, or 8.20 points, to 3,572.14. A total of 748.37 million shares worth P4.1 billion changed hands as foreigners made net purchases worth P7.72 million.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were driven by the faster gross domestic product (GDP) growth —6.3 percent in the second quarter from 5.8 percent in the first quarter. —Meg J. Adonis