PSEi advances as investors shrug off weak Q2 GDP

MANILA, Philippines — The local stock market managed to finish in the positive territory despite the country’s disappointing economic growth in the second quarter.

The bellwether Philippine Stock Exchange (PSEi) advanced by 0.2 percent or 12.4 points, snapping a three-day losing streak to end the week at 6,290.35.

The broader All Shares index also improved by 0.15 percent or 4.95 points to close at 3,418.40.

“The PSEi closed at its high despite second quarter gross domestic product (GDP) slowing to 2.3 percent, suggesting investors had already turned cautious ahead of its release,” AB Capital Securities said.

First Metro Securities said Philip pine equities staged a late-session recovery after shrugging off early weakness tied to a disappointing second quarter GDP print.

It said a strong surge in Ayala Land, which gained by 6.14 percent, anchored the rebound, complement ed by solid performance in Universal Robina Corp. and DigiPlus, which grew by 2.74 percent and 6.11 percent, respectively.

Total value turnover stood at P6.23 billion, slightly higher than Thursday’s P6.18 billion. First Metro Securities said foreign participation cornered 55.07 percent of the activity, recording P339.35 mil lion in net foreign selling.

Sectors were mixed, with those in the green with the slight advantage. Property posted the biggest increase at 0.99 percent, while financials incurred the largest drop at 0.54 percent.

Market breadth was negative as decliners edged out advancers, 90 to 86, while 68 issues were unchanged. ICTSI was the top traded stock, finishing unchanged at P1,000 per share. It was followed by banking gi ants BPI, which was also unchanged at P101, and BDO Unibank, which declined by 0.97 percent to P122.