The local stock market closed higher but well below the day’s peak after the country’s economic growth came in below target but above analysts’ estimates.

The main index added 24.43 points or 0.37 percent to close at 6,646.44 as the Property sector led the advance although conglomerates and Industrials lagged behind. Volume rose to 423 million shares worth P6.76 billion as gainers outnumbered decliners 99 to 78 with 55 unchanged.

“Philippine shares were bought up once again in the final quarter of growth showed that the country grew 5.6 percent for both the quarter and full year, which was ahead of the latest Bloomberg consensus of 5.2 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Meanwhile, he noted that, the IMF upgraded its outlook of the Philippines for 2024 to six percent from the previous 5.9 percent on the back of robust recovery in investments and exports. However, the forecast is still below the government's full year target of 6.5-7.5 percent.

China Bank Capital Corporation Managing Director Juan Paolo Colet said the 2023 GDP print of 5.6 percent signaled that the economy remains strong but this was below the government's target of at least 6.0 percent.

He added that, “the market viewed the data positively as it was not only above the median estimate of many economists, but it also showed that the Philippines was the fastest growing economy among ASEAN countries that have published their respective GDP data to date.”