Passable economic trajectory stimulates PSEi
MANILA – benchmark Philippine Stock Exchange index (PSEi) extended gains on Thursday after the government said first-quarter gross domestic product grew faster than expected despite concerns over the impact of elevated inflation.
By the closing bell, the PSEi rose 0.25 percent, or 16.87 points, to 6,675.46 while the broader All Shares index added 0.15 percent, or 5.38 points, to 3,551.48.
The Philippine Statistics Authority said on Thursday the economy expanded by 6.4 percent in the first quarter of 2023.
This came at a slower pace versus the previous quarters but better than the 6.2-percent median forecast of private sector economists.
“Consumer spending growth at 6.3 percent in [the first quarter] is still above the 6.1-percent average growth rate before the pandemic. This could mean that revenge spending is still present in the economy, possibly offsetting the impact of inflation,” Bank of the Philippine Islands said.
Gainers
Most PSE subsectors gained on Friday with property (+0.93 percent) taking the lead, followed by services (+0.43 percent), financials (+0.31 percent) and holding firms (+0.12 percent). Mining and oil and industrial stocks slipped 1.7 percent and 0.28 percent, respectively.
A total of 23.4 billion shares valued at P6.24 billion changed hands while foreigners were net sellers of an amount worth P940 million, data from the stock exchange showed.
SM Prime Holdings Inc. was the top-traded stock as it rose 1.76 percent to P34.60 per share.
It was followed by BDO Unibank Inc., up 0.37 percent to P136; Ayala Land Inc., up 0.19 percent to P27; SM Investments Corp., down 0.21 percent to P941; and Ayala Corp., up 1.73 percent to P678 per share.
Bloomberry Resorts Corp. was up 3.27 percent to P11.36; JG Summit Holdings Inc., up 0.10 percent to P51.45; ACEN Corp., down 1.15 percent to P6; PLDT Inc., down 1.23 percent to P1,208; and
International Container Terminal Services Inc., up 1.17 percent to P208 per share.
Overall, there were 98 losers against 66 advancers while 62 companies closed unchanged. INQ
