Last minute buying lifts stocks ahead of GDP data

MANILA, Philippines — Last minute bargain hunting lifted the stock market index yesterday, rising by 2.08 points, or 0.02 percent, to close at 7,468.73.

Likewise, the broader All Shares index reached 4,436.79, up 2.08 points or 0.05 percent.

The sectoral indexes were a mixed bag with the industrial, holding firms and property sectors ending in positive territory.

Total value turnover reached P7.1 billion. Market breadth was negative with 88 gainers against 93 losers, while 53 issues were left unchanged.

“Last minute bargain hunting ahead of the release of gross domestic product figures lifted the market to a flat close,” Philstocks Financials said.

The government is set to announce today the fourth quarter and full year economic figures.

Yesterday, the Philippine Statistics Authority said it revised downward the country’s gross domestic product growth in the third quarter of 2019 due to adjustments in growth rates of some sectors.

Thus, the PSA said in a statement that GDP growth in the July to September period last year was revised to six percent from 6.2 percent previously.

The economy likely grew 6.4 percent in the fourth quarter of 2019, according to the median forecast of 22 economists in a Bloomberg poll.