Stocks settle lower despite strong GDP number

November 16, 2017

Stocks ended lower despite stronger-than-expected third quarter gross domestic product (GDP) growth figures on Thursday. But the peso surged to 50.90 against the US dollar from the previous day's P51.116

The Philippine Stock Exchange composite index finished 67 points lower to 8,206.44 despite rising by as much as 51 points when the Philippine Statistics Authority announced that third quarter growth was at 6.9 percent.

In the broader market, there were 122 decliners, 74 gainers and 38 unchanged.

Volume reached 807.28 million worth P7.92 billion. Foreigners were net sellers, with P4.52 billion compared to P3.42 billion.

Among most traded shares were Ayala Corp., down 2.72 percent to P1000, BDO Unibank, up 3.62 percent to P146.10 and SM Investment Corp., down 2.33 percent to P941.50.

At the Philippine Dealing System, volume reached $885.10 million from Wednesday's $566.80 million. DMS