Philippine shares mark new all-high ahead of GDP data

Philippine share prices closed higher for the second consecutive trading day to mark a new all-time high on Monday, ahead of the economic data to be released by the statistics office.

The main PSEi gained 34.70 points or 0.39 percent to close at 8,950.62, the highest closing since finishing at 8,923.72 on Jan. 9, 2018.

The bellwether PSEi also carved a new all-time high of 8,975.12 intraday, beating the previous record of 8,969.18 registered on Jan. 16, 2018.

“Market ended 50 points shy of 9,000. Some speculators are beginning to position in anticipation of a stronger GDP figure, probably 6.9 percent up,” Paul Michael Angelo, stock market analyst at Regina Capital Development Corp., said.

Foreign funds bought P4.743 billion of shares during the session and sold P4.295 billion for a net buying position of P448.376 million.

More than 890.173 million shares, valued at P8.143 billion, changed hands. Decliners led advancers, 128 to 99, and 52 issues were unchanged.

The Philippine Statistics Authority is scheduled to release the fourth-quarter and full-year 2017 gross domestic product (GDP) figures on Tuesday, January 23.

The third-quarter GDP was revised to 7.0 percent on the heels of 6.7 percent in the second quarter and 6.4 percent in the first quarter.

“Well, the upward revision of 3Q GDP to 7 percent from previously 6.9 percent bolsters investors’ strong expectation when it comes to the Philippine growth story ahead of the 4Q GDP report tomorrow,” Joylin Telagen, research head at IB Gimenez Securities Inc., said. — VDS, GMA News