August 30, 2013 – PHL stocks sustain gains on strong economic date
Local share prices continued to sustain an uptrend as investors bet on the country’s strong macroeconomic fundamentals.
The benchmark Philippine stock exchange index (PSEi) rose for a second day 130.96 points to 6,075.17 on Friday from previous day’s 5,944.21.
A new economic data was released Thursday indicating the country’s gross domestic product (GDP) grew 7.5 percent in the second quarter from 7.7 percent in January to March.
This is the fourth consecutive quarter that the GDP has been expanding about 7 percent.
“GDP is above target, inflation is contained, remittances continue to expand, GIR (gross international reserve) at record levels, among others. Even the anticipated weakness in exports is consistent with expectations,” said Accord Capital Equities Corp.
It said these robust economic figures boost assumptions that year-end PSEi range of 6,800 to 7,200 and as much as 7,500 have been validated.
For the past few weeks, the PSEi had been declining fuelled by fears of a possible escalation of the tensions in Syria and continuing uncertainty about the Federal Reserve policy tapering.
The index even reached its lowest level this year at 5,700 on Wednesday.
All counters were already in the positive territory, led by property and holding firms stocks that rose 2.81 percent and 2.53 percent.
Volume of transactions reached 1.25 billion shares valued at P14.43 billion.
Gainers won decliners, 100 to 53, while 37 issues were unchanged.
Top gainers were led by A. Brown Company Inc., Nextstage Inc., Berjaya Philippines Inc., Information Capital Technology Ventures Inc. and Philex Petroleum Corp.