The benchmark Philippine Stock Exchange index (PSEi) gained 17.61 points or 0.25 percent to finish at 7,067.73, while the broader All Shares index rose 11.88 points or 0.28 percent to 4,254.28. AP Photo/Bullit Marquez
MANILA, Philippines – The market stayed in positive territory yesterday on extended optimism brought about by the better-than-expected third quarter economic growth.
The benchmark Philippine Stock Exchange index (PSEi) gained 17.61 points or 0.25 percent to finish at 7,067.73, while the broader All Shares index rose 11.88 points or 0.28 percent to 4,254.28.
Likewise, most of the counters closed in positive territory except for the financials and property indices which declined 0.01 percent to 0.11 percent, respectively.
Total value turnover reached P5.96 billion.Advancing stocks edged out decliners, 90 to 81 while 50 stocks were left unchanged.
The economy grew 7.1 percent in the third quarter, cementing the economy’s chance of hitting the governments’ full year growth target of six percent to seven percent for the whole year.
Commenting on yesterday’s market performance, Luis Limlingan, managing director at Regina Capital said the market also bought up on the sentiment that Federal Reserve chair Janet Yellen signalled.
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Yellen said she planned to serve out her term as chair, which ends in 2018, while extolling the virtues of the Fed’s independence from political interference.
