By James A. Loyola
The local stock market bounced strongly yesterday from its steep fall in past days after the Philippine economy’s growth was not as bad as expected.
The Philippine Stock Exchange index (PSEi) jumped 147.62 points, or 1.98 percent, to close at 7,616.35 as share prices rose across the board.
Volume was still low though with 670 million shares worth ₱6.63 billion changing hands as gainers beat losers 117 to 73 with 50 unchanged.
“Philippine shares finally reversed the downtrend after fourth quarter GDP was better than most analysts expected at 6.4 percent,” said Regina Capital Managing Director Luis Limlingan.