MANILA – As the government reported a 6.3-percent economic growth for the second quarter of the year, both the local stock market and the currency closed trading in the green territory.
The benchmark Philippine Stock Exchange index (PSEi) ended 0.22 percent to 6,549.27 units, with All Shares also improving by 0.23 percent to 3,572.14.
However, counters were mixed, with losers led by Property, which index declined by 0.60 percent; followed by Financials, down by 0.39 percent; and Mining and Oil, down by 0.27 percent.
On the other hand, Thursday’s winners include Services, up by 0.89 percent; Industrial, up by 0.82 percent; and Holding Firms, up by 0.42 percent.
Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said the strong gross domestic product (GDP) growth in Q2 2024 boosted investors’ confidence.
“Many cheered the data as it is faster than Q1’s 5.8 percent. It also brought the average GDP growth in the 1st half to 6 percent which is the government's target for the year,” Plopenio added.
Advancers led decliners at 106 to 81, with 41 left unchanged.
Meanwhile, the Philippine peso further strengthened on Thursday, gaining 0.20 to 57.32 from its previous finish of 57.52 against US dollar.
The peso kicked off at 57.68, better than last day’s opening of 57.70 to a dollar.
The currency pair traded between a low of 57.25 and a high of 57.68, bringing the average level for the day at 57.44 to the greenback.
Trade volume was lower on Thursday at USD1.61 billion from USD1.77 billion in the previous trading.
“For tomorrow, the peso exchange rate could range at the 57.20 to 57.40 levels,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said. (PNA)
