MSCI overhang lifts index higher
MANILA, Philippines — The stock market stayed in positive territory yesterday, still benefitting from the MSCI rebalancing.
The Philippine Stock Exchange index rose by 36.46 points, or 0.47 percent, to close at 7,797.75.
Traders said bargain hunting fuelled by a better competitive ranking from the International Institute for Management Development (IMD).
The Philippines’ competitiveness improved in 2019 on the back of rosy economic performance last year and higher labor force, according to the research group of IMD, a Switzerland-based business school.
The Philippines ranked 46th out of 63 economies tracked in IMD’s 2019 competitiveness report. This was higher than the Philippines’ previous ranking of 50th place in 2018, it said.
“This result was driven by a solid economic performance supported by sustained real gross domestic product growth of 6.2 percent in 2018 and an increase in labor force and employment levels,” IMD said.
“Industrials led the market, advancing 1.29 percent. Asian stocks are mixed while European futures point downwards amid lingering trade war,” Philstocks Financials said.
Traders said the index continued to close in the green with MSCI’s overhang finally having concluded yesterday.
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