GDP surprise prompts PSEi’s extended rally
MANILA -The Philippine Stock Exchange index (PSEi) continued its winning streak after the country registered better economic growth in the third quarter, prompting investors to buy up shares on Thursday.
The benchmark PSEi was up 0.54 percent, or 33.19 points, to close at 6,188.22 while the wider All Shares index rose by 0.36 percent, or 11.87 points, to settle at 3,329.38 by the closing bell.
“Philippine shares tested the 6,200 level with [third quarter] GDP (gross domestic product) coming much higher than many analysts’ expectations,” Regina Capital Development Corp. head of sales Luis Limlingan said. GDP growth hit 5.9 percent in the third quarter, faster than the 4.3-percent print in the quarter prior.
About 418.81 million shares valued at P4.63 billion were traded.
