The benchmark Philippine Stock Exchange index (PSEi) inched up 4.31 points to settle at 7,960.17, while the broader All Shares index finished at 4,745.65, higher by 22.83 points or 0.48 percent. Most sectors ended in positive territory led by the property sector with a gain of 1.16 percent. AP/Bullit Marquez, file photo
MANILA, Philippines – The local stock market closed relatively flat yesterday, consolidating after second quarter corporate earnings reports and ahead of the second quarter gross domestic product (GDP).
The government is expected to release second quarter GDP on Aug. 18.
2TradeAsia.com said election spending may have boosted second quarter economic growth.
“For the second quarter, the consensus is 6.6 percent. With the presidential election held in May, spending may have boosted, increasing the chances for the second quarter GDP growth to beat consensus and prior quarter’s,” it said.
The benchmark Philippine Stock Exchange index (PSEi) inched up 4.31 points to settle at 7,960.17, while the broader All Shares index finished at 4,745.65, higher by 22.83 points or 0.48 percent.
Most sectors ended in positive territory led by the property sector with a gain of 1.16 percent.
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Total value turnover reached P10.42 billion, with decliners ahead of advancers, 108 to 87. Meanwhile, forty nine stocks were left unchanged.
Aside from GDP results, there are a few more companies that are expected to release their first half earnings next week.
Since last week, companies have been reporting relatively better than expected first half and second quarter results on the back of additional boost from election-related spending.
Investors also continue to look for fresh leads such as Japan’s GDP and the release of the Federal Reserve meeting minutes.
