The local stock market rose to a new 2021 high for the third straight session, this time spurred by the higher-than-expected growth in gross domestic product for the third quarter.

The main index gained 45.45 points or 0.82 percent to close at 7,441.67 as the Services sector led the rally while the Property counter was the sole decliner.

Volume was higher at 1.31 billion shares worth P9.49 billion as gainers beat losers 103 to 87 with 48 unchanged.

“The index soared to a new COVID-era high after third quarter GDP growth printed at 7.1 percent, slower than the revised 12 percent growth in the second quarter but much higher than the 4.7 percent growth expected by most analysts,” said AB Capital Securities Inc.

Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares were bought up to end at a new year-to-date high... As of the latest quarter the country rebounded at 7.1 percent, which was much higher than the Bloomberg median consensus of 4.9 percent and the house call of 5.3 percent.”

He noted that, “A majority of sectors showed a remarkable improvement as the economy continues to loosen its restrictions.

“Across the region, US equities also closed higher yesterday, with infrastructure stocks leading the rally after Congress approved an infra spending package worth over $1 trillion,” Limlingan said.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its rally to a 6th straight day as investors cheered the 7.1 percent real gross domestic product growth of the Philippines in the third quarter.“

"This is the PSEi's highest close since February 7, 2020's 7,507.20," he said adding that, “The rise was still supported by foreign investors with net inflows for the day amounting to P812.74 million.”

Jollibee Foods Corporation was the top index gainer, jumping 4.51 percent to P259.80 per share while GT Capital Holdings, Inc. was at the tail end, falling 2.34 percent to P585.00.