MANILA – Investors took positively the country’s gross domestic product (GDP) growth in the fourth quarter of 2023 as both shares and peso strengthened on Wednesday.
The Philippine Stock Exchange index (PSEi) improved by 24.43 points, closing at 6,646.44, with All Shares also increasing by 11.78 points to 3,499.49.
“Philippine shares were bought up once again in the final quarter of growth, showing that the country grew 5.6 percent for both the quarter and full year, which was ahead of the latest Bloomberg consensus of 5.2 percent," Regina Capital Development Corp. head of sales Luis Limlingan said.
"Services accounted for the stellar performance, which accelerated at 7.4 percent. Looking at the expenditure approach, investment reversed to an 11.2 percent growth after contracting 1.4 percent from the previous period."
Limlingan added that the upgraded outlook for the Philippines’ GDP growth for 2024 by the International Monetary Fund (IMF) on the back of investments and exports recovery also fueled the investors’ positive sentiment.
Among sectoral performances, Property gained the highest points going up by 55.14 to 2,921.49; followed by Services, up by 14.23 points to 1,618.29; Financials, up by 14.16 points to 1,885.75; and Mining and Oil, up by 5.45 points to 9,247.9.
Industrial and Holding Firms were losers for the day, with shares declining by 55.66 and 40.37 points, respectively.
Advancers led decliners at 99 to 78, while the shares of 55 firms remained flat.
Meanwhile, the local currency also appreciated to 56.28 to the US dollar from Tuesday’s close of 56.40. It gained 0.12 against the greenback.
It opened the day weak at 56.45 from last day’s kickoff at 56.30.
The exchange rate ranged from 56.27 to 56.50, bringing the average level for the day at 56.40.
Volume of trade declined to USD1.18 billion from USD1.32 billion in the previous day. (PNA)
