GDP data fail to perk up PH stocks

The benchmark Philippine Stock Exchange index sank on Thursday, despite the government’s announcement that the Philippines grew faster than expected in the third quarter of 2017.

The PSEi dropped 0.81 percent, or 67 points, to 8,206.44 as the broader all-shares index was down 0.61 percent to 4,834.68.

The PSEi ended in the red, reversing gains earlier in the session.

It was pulled down by the decline of index heavyweights such as Ayala Corp. and SM Investments Corp.

The Philippine Statistics Authority said Thursday that gross domestic product grew 6.9 percent in the third quarter, faster than expected.

Subsectors were mainly lower, save for financials, which gained 0.57 percent.

Holding firms led losers as it declined 1.68 percent.

Volume was relatively lower on Thursday.

A total of 807.3 million shares valued at P7.9 billion changed hands yesterday.

Decliners beat advancers 122 to 74 while another 38 companies closed unchanged.

Ayala Corp. was the most actively traded on Thursday.

It fell 2.27 percent to P1,000 per share.

It was followed by BDO Unibank Inc., up 3.62 percent to P146, SM Investments Corp., down 2.33 percent to P941.50, Ayala Land Inc., down 1.54 percent to P41.55, and Jollibee Foods Corp., up 1.17 percent to P258.80 per share.