Stocks reduce losses after lower-than-expected growth data

May 18, 2017

Stocks pared losses on Thursday after falling due to lower-than-expected first quarter growth of 6.4 percent. The Philippine Stock Exchange Index, down by 100 points at one stage, closed at  7,757.69 down 68.84 points. At the broader market, there were 124 losers, 74 gainers and 51 were unchanged. Volume reached 1.02 billion shares valued at P7.49 billion. Foreigners were net sellers with P549.36 million. Decliners were led by Ayala Land Inc, down 2.72 percent to P37.55, Jollibee down 2.44 percent to P200 and PLDT, down 2.13 percent to P1610. The peso closed at P49.805 from P49.76 on Wednesday. Volume went up to $527 million from $453.50 million at the Philippine Dealing System. DMS