Index recovers on positive news

MANILA, Philippines - Share prices recovered yesterday after a brief breather during last week’s close, finishing higher behind encouraging news abroad.

“Philippine market kicked off the last few days of May in the green after taking a momentary breather last Friday as window dressing started,” Regina Capital Development Corp.’s Luis Limlingan said.

The Philippine Stock Exchange index saw a 0.23 percent or 18.54-point improvement to end at 7,886.03, while the broader All Shares index added 0.21 percent or 10.26 points to settle at 4,700.14.

According to analysts, most investors searched for news abroad while some took encouragement from this year’s second initial public offering at the local bourse that took place yesterday.

“Markets rallied under the release of real GDP growth in the US, which was revised up five tenths to +1.2 percent in the second estimate for the first quarter. Relative to forecasts, the upside came from a larger-than expected revision to business fixed investment, though personal consumption was also revised up meaningfully,” Limlingan said.