Better-than-expected domestic growth for the third quarter this year buoyed both the main equities index, which posted its highest close so far this year and the peso, which touched the 49-level, on Tuesday.
The Philippine Stock Exchange index (PSEi) rose by 0.61 percent, or 45.45 points, to 7,441.67 points.
All Shares trailed after it jumped by 0.46 percent, or 20.97 points, to 4,531.86 points.
Most of the sectoral counters tracked the main index, with the Services rising by 1.38 percent; Industrial, 0.95 percent; Financials, 0.58 percent; Mining and Oil, 0.56 percent; and Holding Firms, 0.45 percent.
Only the Property index declined during the day after it slipped by 0.11 percent.
Volume totaled 1.31 billion shares amounting to PHP9.49 billion.
Advancers led decliners at 103 to 87, while 48 shares were unchanged.
“Philippine shares were bought up to end at a new YTD (year-to-date) high, closing in the 7,500 benchmark, as 3Q GDP (third-quarter gross domestic product) came in much better than many had anticipated,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
RCDC earlier projected the third quarter growth print to be at 5.3 percent.
The Philippine Statistics Authority (PSA) on Tuesday reported the 7.1-percent expansion of the domestic economy from July to September this year, higher than year-ago’s 11.6 percent but slower than the upwardly revised 12 percent in the previous quarter.
Growth in the third quarter was driven by almost all the sectors, except for agriculture, which was hit by weather-related factors.
Meanwhile, the peso strengthened against the US dollar at 50.09 from 50.16 Monday.
It opened the day better at 50.12 from the previous session’s 50.3 start.
It traded between 50.18 and 49.925, resulting in an average of 50.033.
Volume totaled USD1.39 billion, higher than the previous day’s USD933.2 million.
Source: Philippines News Agency
