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Index recovers on bargain hunting

The benchmark Philippine Stock Exchange index (PSEi) ended in positive territory, rising 9.93 points, or 0.12 percent, to finish at the 7,767.62 level. File

MANILA, Philippines - Share prices recovered yesterday on bargain hunting, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) ended in positive territory, rising 9.93 points, or 0.12 percent, to finish at the 7,767.62 level.

Similarly, the broader All Shares gauge gained 7.83 points, or 0.16 percent, to end at 4,634.25.

Total value turnover was thin as investors opted to wait for better catalysts. A total of P5.97 billion changes hands as advancing stocks totalled 108, outpacing 73 decliners while 58 issues were left unchanged.

On Thursday, the government reported a lower-than-expected GDP growth of 6.4 percent, below the expected seven-percent growth.

Despite the slower first quarter growth, Socioeconomic Planning Secretary Ernesto Pernia said the Philippines remains one of the strongest performers among major emerging economies in Asia.

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He said the first quarter growth of 6.4 percent surpassed both Vietnam and Indonesia’s 5.1-percent growth, and Thailand’s 3.3-percent.

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