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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on upbeat US GDP report

Stocks rise on upbeat US GDP report

Published Jan 26, 2024 08:40 am

The local stock market ended the week on a positive note following the release of better-than-expected economic growth numbers in the US.

The main index added 12.59 points or 0.19 percent to close at 6,686.09 although sectoral indices were evenly divided. Volume surged to 2.88 billion worth P13.58 billion due to major block sales as losers outnumbered gainers 93 to 83 with 58 unchanged.

“Philippine shares rose once again to close the week, buoyed by encouraging economic data released overseas. The U.S. GDP revealed higher-than-expected economic growth in the fourth quarter of 2023, piling onto investors' hopes that the economy has avoided a deep recession,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “the local market rose following the positive sentiment from the performance of the US markets overnight, as the US gross domestic product in the fourth quarter 2023 came in stronger than anticipated.”

“Moreover, SM Investments Corporation’s 2.32 percent gain helped lifting the market, given its substantial weight in the PSEi,” she added.

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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