Stocks cheer GDP report

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    Share prices ended higher Thursday as investors traded on an encouraging GDP growth in the third quarter.

    The Philippine Stock Exchange index (PSEi) was up 47.93 points to 8,073.81, a 0.6 percent hike.

    The broader all shares index was up 18.41 points to 4,822.77, a 0.36 percent hike.

    Gainers edged losers 93 to 81 with 61 stocks unchanged. Trading turnover reached P5.12 billion.

    The peso closed at 50.481 to the dollar, up from Wednesday’s 50.61.

    The currency opened at 50.68, hit a high of 50.42 and a low of 50.69.

    Trading turnover reached $1.15 billion.

    “Investors bought up towards closing after better-than-expected GDP and after seeing highs in recent days,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “Markets parsed a report that an interim China-US trade deal could be delayed until December, while also keeping an eye on corporate quarterly results, and a potential merger of heavyweight technology companies,” Limlingan added.

    Most actively traded SM Investments Corp. was up P13 to P1,070. Ayala Land Inc. was steady at P47. SM Prime Holdings Inc. was up P1.20 to P40. Universal Robina Corp. was down P4.50 to P150.50. Metropolitan Bank and Trust Co. was up P0.10 to P67.65. Bank of the Philippine Islands was down P0.25 to P96.35. International Container Terminal Services Inc. was up P0.10 to P123.80. Alliance Global Group Inc. was down P0.20 to P11.30. PLDT Inc. was down P11 to P1,110.