Stocks climb 1% ahead of Q1 GDP data

Share prices on the Philippine Stock Exchange (PSE) continued to rally on Monday, closing by more than 1 percent as investors continued to flock to the local bourse ahead of the release of the first quarter economic growth.

The benchmark PSEi gained 74.95 points or 1.008 percent to 7,511.74 at the closing bell. The broader All Shares index likewise climbed 38.90 points or 0.88 percent to 4,451.16.

More than 2.333 billion shares were traded at a value of P9.659 billion. Winners led losers, 127 to 73, and 47 issues remained the same.

“Investors are anticipating a good first quarter GDP (gross domestic product)... Investors are putting their eyes on the Philippines. Economic data seems to be much more positive than what’s coming out internationally,” Luis Limlingan, business development head at Regina Capital Development Corp., said in a phone interview.

The Philippine Statistics Authority is scheduled to release the first quarter GDP on Thursday, May 19.

Limlingan also attributed Monday’s climb to the continued positive post-election market sentiment.

“Investors are still buying into the market given the relative calmness of the election,” he said. —KBK, GMA News