Philippine shares rally on revised 2016 GDP

Share prices on the Philippine Stock Exchange rallied by more than one percent during the morning session on Friday as the upward revision of the country's 2016 gross domestic product (GDP) boosted investors' confidence.

The main PSEi gained 79.01 points or 1.04 percent to 7,644.33 at noon close. The broader All Shares increased by 38.09 points or 0.85 percent to 4,546.90z

"I think investors are cheering up the market after the upward revision of 2016 GDP to 6.9 percent," IB Gimenez Securities head of Research Joylin Telagen said.

The Philippine Statistics Authority revised the 2016 growth rate upward at 6.9 percent from the initially estimated 6.8 percent reported in January.

According to the PSA, the major contributors for the upward revision in 2016 were construction, mining and quarrying and other services.

"The Philippines still remains a bright spot in Asia and positive investors sentiment is driven by possible sustained growth this year due to expected higher infrastructure spending and tourism," Telagen added.

She noted, however, that some investors might cash in on gains ahead of the Holy Week. — VDS/GMA News