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PHILIPPINE STOCKS surged on Thursday as investors capitalized on reduced prices following the index’s decline to a three-year low in the previous session, yet sentiment remained wary ahead of the announcement of third-quarter gross domestic product (GDP) figures.
The benchmark Philippine Stock Exchange index (PSEi) advanced by 0.3% or 17.53 points to finish at 5,835.59, while the broader all shares index climbed by 0.25% or 9.05 points to conclude at 3,543.43.
“The domestic market rebounded as traders sought bargains following the previous day’s drop,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco stated in a Viber message. “However, trading was still subdued as investors remained cautious while awaiting the Q3 GDP data.”
“Philippine stocks edged up in anticipation of tomorrow’s GDP announcement, though trading volume stayed muted at just over P5 billion as many investors continue to observe from the sidelines,” AP Securities, Inc. noted in a market commentary.
Value turnover increased to P5.42 billion on Thursday with 891.42 million shares exchanged, up from P4.72 billion with 406.27 million shares traded on Wednesday.
A BusinessWorld survey of 18 economists and analysts produced a median projection of 5.3% GDP growth in the third quarter. If achieved, this would represent a slower rate than the 5.5% growth in the second quarter but marginally faster than the 5.2% gain in the third quarter of 2024.
Economy Secretary Arsenio M. Balisacan previously indicated that growth might have decelerated during the period due to a corruption inquiry, sluggish public expenditures, global uncertainties, and adverse weather conditions.
“Favorable signals from Wall Street, influenced by the US Supreme Court’s skepticism regarding President Donald Trump’s tariff strategies, also contributed to today’s market performance,” Mr. Tantiangco added.
US Supreme Court justices expressed reservations on Wednesday about the legality of Mr. Trump’s extensive tariffs in a case that could significantly impact the global economy, representing a crucial examination of Mr. Trump’s authority, according to Reuters.
Both conservative and liberal justices intensely questioned the attorney representing Mr. Trump’s administration concerning whether a 1977 statute intended for application during national emergencies empowered Mr. Trump to impose tariffs or if the Republican president encroached on Congress’s domain.
Most sectoral indices concluded the day on a higher note on Thursday. Mining and oil surged by 4.46% or 530.4 points to 12,421.40; financials increased by 1.03% or 19.85 points to 1,945.83; holding firms rose by 0.28% or 13.41 points to 4,703.16; services ascended by 0.15% or 3.49 points to 2,258.56; and property advanced by 0.15% or 3.36 points to 2,146.10.
Conversely, industrials fell by 0.16% or 13.86 points to 8,574.55.
Advancers outnumbered decliners, 98 to 68, with 72 stocks remaining unchanged.
Net foreign investment decreased to P211.43 million on Thursday from P339.58 million on Wednesday. — Alexandria Grace C. Magno with Reuters
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