MANILA -- Better-than-expected growth of the Philippine economy in the third quarter of 2019 lifted both the Philippine peso and the local bourse Thursday.
The peso ended the day’s trade at 50.48 from 50.61 Wednesday.
A trader attributed the currency’s gain to the report about the domestic economy’s 6.2 percent output in the third quarter this year, higher than the 6 percent in the same period last year, which is also the consensus market forecast for last quarter.
The trader said investors are open to the possibility of better growth output in the last quarter of this year, and the achievement of at least the lower end of the government’s 6 to 7 percent gross domestic product (GDP) target for the year, after the positive news about the third-quarter expansion.
For the day, the local currency opened at 50.68, weaker than its 50.55 start in the previous session.
It traded between 50.42 and 50.69, resulting in an average of 50.55.
Volume of trade totaled to USD1.15 billion, higher than the USD1.11 billion a day ago.
The currency pair is seen to trade between 50.40 and 50.60 on Friday.
The Philippine Stock Exchange index (PSEi) increased by 0.60 percent, or 47.93 points, to 8,073.81 points.
All Shares index followed with a 0.38 percent, or 18.41 points, jump to 4,822.77 points.
It was, however, a mix among the sectors but most registered gains during the day.
Properly rose by 1.28 percent; Holding Firms, 0.81 percent; Financials, 0.36 percent; and Services, 0.04 percent.
Industrial index declined by 0.93 percent, and Mining and Oil by 0.19 percent.
Volume of trade was thin totaling 474.53 million shares amounting to PHP5.12 billion.
Gainers led losers at 93 to 81, while 61 shares were unchanged. (PNA)
