Lower-than-forecast GDP Growth Halts PH Stocks’ Rally

Manila—(PHStocks)—Philippine stocks retreated anew on Thursday, 27 November, as investors soured on the market after a lower-than-expected third-quarter GDP results.

According to the Philippine Statistics Authority – National Statistical Coordination Board, the Philippine economy grew by 5.3% for the third quarter of this year from last year. This is lower than the 6.4 percent growth achieved in the second quarter of the year.

Apart from this economic report, profit taking after yesterday’s rally likewise weighed down on the Philippine Stock Exchange (PSE) index, which shed 1.24% or 91.25 points and closed today’s trading at 7,265.34. This, after hitting yesterday’s highest close so far for this year.

All counters are back in the red, led by the Property segment, which dropped by 2.87%. The broader All-Shares index declined by 1.05%.

Volume trading reached 4.28 billion shares, valued at PhP27.31 billion. There were 53 gainers against 129 losers, while 39 stocks were flat.

Top most active:

  1. Philippine Long Distance Telephone Co. (PSE: TEL): PhP2,990.00, NC
  2. SM Prime Holdings Inc. (PSE: SMPH): PhP17.02, -4.81%
  3. SM Investments Corp. (PSE: SM): PhP800.00, -0.50%
  4. Energy Development Corp. (PSE: EDC): PhP7.78, -4.89%
  5. Ayala Land Inc. (PSE: ALI): PhP34.15, -3.26%

Top gainers:

  1. Makati Finance Corp. (PSE: MFIN): PhP6.00, 18.81%
  2. iRipple Inc. (PSE: RPL): PhP44.00, 15.79%
  3. EasyCall Communications Philippines Inc. (PSE: ECP): PhP3.10, 10.71%
  4. Cirtek Holdings Philippines Corp. (PSE: CHIPS): PhP15.64, 7.86%
  5. Ionics Inc. (PSE: ION): PhP0.71, 7.58%
  6. Island Information and Technology Inc. (PSE: IS): PhP0.60, 7.14%
  7. Roxas and Co. Inc. (PSE: RCI): PhP3.00, 5.63%
  8. Asian Terminals Inc. (PSE: ATI): PhP12.00, 5.26%
  9. DFNN Inc. (PSE: DFNN): PhP6.94, 5.15%
  10. iPeople Inc. (PSE: IPO): PhP12.26, 4.79%

Top losers:

  1. Megaworld Corp. WARRANTS1 (PSE: MEGW1): PhP2.90, -15.94%
  2. Lorenzo Shipping Corp. (PSE: LSC): PhP1.62, -10.50%
  3. Vivant Corp. (PSE: VVT): PhP17.52, -9.69%
  4. Jackstones Inc. (PSE: JAS): PhP3.70, -8.42%
  5. Da Vinci Capital Holdings Inc. (PSE: DAVIN): PhP2.13, -7.39%
  6. Manila Mining Corp. “A” (PSE: MA): PhP0.014, -6.67%
  7. Unioil Resources & Holdings Co. Inc. (PSE: UNI): PhP0.38, -6.17%
  8. Far Eastern University Inc. (PSE: FEU): PhP1,035.00, -5.48%
  9. Prime Media Holdings Inc. (PSE: PRIM): PhP1.57, -5.42%
  10. Forum Pacific Inc. (PSE: FPI): PhP0.365, -5.19%

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