PSEi closes sharply up on high-growth news

https://www2.pse.com.ph/ photo

MANILA, Philippines—Stock prices on Thursday recovered from losses in the morning session to close sharply higher in the afternoon on the back of positive economic news.

The Philippine Stock Exchange index rose 72.91 points to reach 5,091.23, representing an increase of 1.45 percent.

The PSEi was down by as much as 67 points at midmorning, before the government announced the country’s first-quarter economic growth numbers, which beat expectations of most market watchers.

“The GDP data was way above our expectations,” said Astro del Castillo of First Grade Holdings. “The news was more than enough to spur buying.”

At the end of the trading session, over 2 billion shares changed hands, representing a total value of P14.5 billion.

All sectoral indices registered advances, except for the property sector, which declined slightly by 7.2 points, or 0.39 percent.

The services sector recorded the biggest gains with its index rising by 41.74 points, or 2.61 percent, followed by the financial sector, which rose 23 points, or 1.87 percent.

A total of 83 stocks advanced on Thursday against 86 decliners, while 33 stocks remained unchanged.