Speculations on GDP lift PHL share prices

 

Philippine shares registered significant gains in the morning session, as investors bought positions ahead of the GDP numbers for 2015.

The benchmark PSEi gained 108.47 points or 1.72 percent at 6,420.07 by the noon break. The All Shares rose by 57.32 points or 1.58 percent at 3,681.33.

"People may be positioning for ahead of the Philippine GDP report and US Federal Open Market Committee Meeting," said Alexander Tiu, equities analyst at AB Capital Securities Inc.

The government will release the gross domestic product numbers for the whole of 2015 on Thursday. While the policy-setting FMOC is currently holding a two-day meeting on Tuesday and Wednesday.

"PSEi closed above the 6,300 initial resistance in the last two trading days, suggesting a stronger recovery for the rest of the week," according to Regina Capital Development Corp.

"With volatility readings still creating new highs (currently at 132.74 points), it is likely that the index will test 6,520 (the 20-day moving average) today," Regina Capital added. – VS, GMA News