Stock index back to 8,000-point mark despite lower growth figures

January 24, 2019

The main stock index returned to the 8,000-point level despite lower growth figures reported by government on Thursday.

The Philippine Stock Exchange index closed at 8,014.90, up 75.25 points. In the broader market, there were 120 gainers, 87 decliners and 43 shares unchanged.

The Philippine Statistics Authority said growth in 2018 came in at 6.1 percent, slowest since 2015 and off the revised government target of 6.5 to 6.9 percent.

Jonathan Ravelas, chief market strategist for Banco de Oro, said the market focused on higher consumption spending data.

Volume reached 1.57 billion shares worth P7.5 billion from Wednesday's 1.21 billion shares valued at P6.67 billion.

Most traded shares were led by Premier Horizon Alliance, unchanged at 90 centavos; BDO Unibank, up 1.58 percent to P135 and Ayala Corp., up 0.72 percent to P912.50. 

The peso closed 11 centavos lower to P52.86 against the US dollar. Volume at the foreign exchange portal of the Bankers Association of the Philippines reached $950.49 million from $994.29 million. DMS