PSEi recovers in last minute as investors await GDP data

MANILA, Philippines — The Philippine stock market made a last minute recovery after trading in the negative for most of the day on hopes of a better-than-expected first quarter economic figures, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) thus ended 16.06 points, or 0.20 percent, higher at 7,926.69.

The broader All Shares, however, went down by 9.57 points, or 0.20 percent, to end at 4,876.98.

The sectoral indices were a mixed bag with the mining and oil, services, property and industrial gauges finished in negative territory.

On the other hand, the financials and holding firms closed in positive zone.

Traders said the stock market made a last ditch effort to recover on optimism about the Philippine first quarter economic growth data which is set to be released today.

The World Bank estimates Philippine first quarter growth at 6.4 percent.

“The market is speculating that first quarter growth will be better–than–expected,” said an analyst from a foreign brokerage.

Among the strong performers yesterday were JG Summit,(up 3.5 percent), BDO (up 2.9 percent) and Universal Robina Inc.(up 2.2 percent).

Whether or not yesterday’s uptick would be sustained remains to be seen.