Shares prices and the peso ended up Tuesday as investors cheered the better-than- expected GDP growth for the third quarter of the year.
The Philippine Stock Exchange index (PSEi) was up 45.45 points to 7,441.67, a 0.62 percent hike.
The broader all shares index was up 20.97 points to 4,531.86, a 0.47 percent hike.
Gainers edged losers 103 to 87 with 48 stocks unchanged. Trading turnover reached P9.49 billion.
After the opening bell, the government reported that the economy expanded 7.1 percent for the third quarter, reversing the 11.6 percent contraction reported last year.
The peso closed at 50.091 to the dollar, up from 50.16 on Monday.
The currency opened at 50.12 and hit a high of 49.925 and a low of 50.18. Trading turnover reached $1.38 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC) said the peso’s latest gains were supported by “stronger-than-expected GDP data and the continued gains in the local stock market to new highs since February 20, 2021, already well into pre-pandemic levels.”
Ricafort said the peso closed at its strongest since September 17, 2021, when it closed at 49.95.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market closed at a new year-to-date high, “as the third GDP came in much better than many had anticipated.”
“As of the latest quarter the country rebounded at 7.1 percent, which was much higher than the Bloomberg median consensus of 4.9 percent and the house call of 5.3 percent.
Majority of sectors a remarkable improvement as the economy continues to loosen its restrictions,” he said.
“Yesterday 2Q GDP was also revised upwards, due to adjustments to growth rates of some sectors,” he added.
Most actively traded Globe Telecom Inc. was up P122 to P3,422. Monde Nissin Corp. was up P0.46 to P16.88. International Container Terminal Services Inc. was up P6 6o P196. Jollibee Foods Corp. was up P11.20 to P259.60. PLDT Inc. was steady at P1,640. BDO Unibank Inc. was down P1 to P132. SM Investments Corp. was up P9.50 to P984. Allday Marts Inc. was up P0.01 to P0.7. Ayala Land Inc. was up P0.20 to P38.
