PSEi rallies on back of PHL’ 16 growth print, PHP little change ahead of US GDP report

MANILA - - The Philippine Stock Exchange index (PSEi) rose Thursday boosted by the report on the domestic economy's strong growth in 2016 while the peso ended the day almost unchanged to a greenback.

PSEi ended its three-day slide after rising 0.13 percent, or 9.28 points, to 7,332.64 points.

"It was buoyed by the report on the sustained growth of the economy in 2016," the trader said.

The Philippine Statistics Authority (PSA) on Thursday reported the slower growth of the domestic economy in the fourth quarter of last year with a print of 6.6 percent from quarter-ago's seven percent but it was higher than year-ago's 6.5 percent.

Full year growth, on the other hand, rose by 6.8 percent, near the upper end of the government's six to seven percent target, and better than year-ago's 5.9 percent.

Amid this development, there were mix results in the local bourse as the US government is scheduled to report the world's largest economy's 2016 output on Friday.

All Shares rose by 0.09 percent, or 4.16 points, to 4,410.89 points.

Financials and Holdings Firms also posted gains of 1.01 percent and 0.18 percent, respectively.

Most of the sectors ended the day on the red, led by the Industrial with 0.23 percent drop followed by the Property, 0.17 percent; Services, 0.12 percent; and Mining and Oil, 0.07 percent.

Total volume reached 2.7 billion shares amounting to Php 7 billion.

Gainers led losers at 95 to 84 while 50 shares were unchanged.

The local currency finished the day at 49.80 from the previous session's 49.81, which a trader pointed to wait-and-see stance ahead of the US growth report.

It opened the day at 49.65, way better than the 49.84 a day ago.

Its opening level was the unit's strongest for the day while its closing level was its weakest, bringing the average to 49.69.

Volume of trade reached USD452.4 million, lower than the USD377.5 million.

The currency pair is seen to trade between 49.70 and 49.90 Friday.

Source: Philippines News Agency

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