Philippine stocks end higher on positive economic outlook

GMT 15:42 2014 Friday ,22 August

Arab Today, arab today Philippine stocks end higher on positive economic outlook

Philippine bourse
Manila - XINHUA

 Philippine shares ended higher on Friday as investors anticipate a possible rebound in the country's economic growth in the second quarter.
The bellwether Philippine Stock Exchange index (PSEi) gained 0. 52 percent, or 36.6 points, to 7,133.09, while the broader all- share index rose by 0.41 percent, or 17.06 points, to 4,217.55.
Trading volume reached 1.17 billion shares worth 10.86 billion pesos (248.07 million U.S. dollars) with 79 stocks declining, 83 advancing, and 66 unchanged.
Of the six counters, only the mining and oil sector bucked the trend.
The PSEi added 124.58 points this week as investors and traders continue to take positions ahead of the release of the country's second quarter gross domestic product (GDP) growth results.
"The PSEi continues to advance as prospects continue to remain bullish on a possible rebound in economic growth in the second quarter, as well as faster than anticipated recovery of the U.S. economy," Alexander Adrian O. Tiu of AB Capital Securities, Inc. said in his daily stock market comment.
The country is seen to have grown at around 7 percent in the April to June period, after recording a disappointing 5.7 percent GDP growth in first quarter, below analysts' forecasts.
"Global equities generally ended positive throughout the week on a slew of positive U.S. economic data," Tiu said.
He advised investors to prudently take profits and cautiously accumulate at more bargain prices.
Stocks in the 30-company index closed mixed. While shares of heavyweight Philippine Long Distance Telephone Co. were sold down, Alliance Global Group, Inc., Ayala Land, Inc. and Cebu Air, Inc. inched up.

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