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

PHStocks 27/11/2014 0 Comments ALI, Asian Terminals, ATI, Ayala Land, CHIPS, Cirtek Holdings, Da Vinci Capital, DAVIN, DFNN, Easycall, ECP, EDC, Energy Development, Far Eastern University, FEU, Forum Pacific, FPI, ION, Ionics, iPeople.IPO, iRipple, IS, Island Information and Technology, Jackstones, JAS, Lorenzo Shipping, LSC, MA, Makati Finance, Manila Mining, Megaworld, MEGW1, MFIN, PLDT, PRIM, Prime Media, RCI, Roxas, RPL, SM, SM Investments, SM Prime, SMPH, TEL, UNI, Unioil Resources, Vivant, VVT

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.

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