The local stock market recovered slightly on Wednesday after a two-day slump ahead of today’s announcement of GDP results.
The Philippine Stock Exchange index managed to add 0.03 percent or 2.08 points to close yesterday on a positive note despite what could have been another disappointing performance.
The peso ended stronger yesterday at 50.91 to the dollar from 51.015 on Tuesday.
The currency opened at 51.06, hit a low of 51.085 and a high of 50.86. Volume amounted to $1 billion.
“Shares remained flat ahead of the fourth quarter GDP announcement,” said Regina Capital’s Luis Limlingan.
Philstocks in a report said last-minute bargain-hunting ahead of the GDP figures release lifted the market to a flat close.
Counters were mix on Wednesday after two straight days of being covered in red.
The industrial index was yesterday’s biggest gainer, increasing by 1.07 percent. The property index also broke its slump as it posted a 0.22-percent jump.
Meanwhile, the mining and oil index took the biggest blow as it fell by 2.14 percent.
Total value turnover thinned slightly to P7.10 billion from the previous day’s P7.76 billion.
Market breadth remained negative as decliners outscore advancers, 93 to 88, while 53 stocks did not change.
