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Manila Bulletin devider Business devider The Stock Market devider Stocks up after strong GDP growth

Stocks up after strong GDP growth

Published Aug 8, 2024 08:40 am

The local stock market inched up despite weakness in US bourses after the Philippines reported strong second quarter economic growth. 

The main index added 14.10 points or 0.22 percent to close at 6,549.27 although sectoral indices were evenly mixed. Volume declined to 748 million shares worth P4.1 billion as gainers beat losers 106 to 81 with 41 steady. 

“Philippine shares bucked the trend of the US, closing mildly higher as the latest growth figure showed the economy grew by 6.3 percent for the second quarter,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that "investors continued with their bargain hunting from the previous session, as the index attempts to make a push for 6,600 again.”

Philstocks Research and Engagement Officer Mikhail Plopenio said "The local market rose as investors digested the second quarter gross domestic produc tdata which posted an expansion of 6.3 percent with strong growth numbers seen in government spending and investment."

He noted that, "Many cheered the data as it is faster than the first quarter’s 5.8 percent. It also brought the average GDP growth in the first half to 6 percent which is the government's target for the year.

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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