PH Stocks Surge on Strong Economic Forecast
Manila—(PHStocks)—Philippine stocks surged Wednesday, 2 October, as the Asian Development Bank (ADB) upped its economic growth forecast on the Philippines.
In its Asian Development Outlook (ADO) update report, the ADB announced revisions for its growth forecasts for countries in the Asia-Pacific region. ADB forecasts the Philippines’ economy to grow by 7 percent—up from the previous 6 percent—while lowering those for the rest of Southeast Asia.
Buoyed by this positive news, the benchmark Philippine Stock Exchange index (PSEi) rose by 2.65% or 164.42 points to 6,362.26. All counters were back in the green, led by the Holding Firms sector, which gained 3%. The Financials followed, gaining 2.51%, while the Services increased by +2.14%. The wider All Shares index posted a 1.95% jump.
Trading was slightly heavy, with value turnover reaching PhP8.23 billion on 1.3 billion shares traded. There were 99 gainers against 46 losers, while 40 stocks were flat.
The most active stocks in terms of value today include Universal Robina Corp. (URC, PhP121.50, 1.25%), Metropolitan Bank & Trust Company (MBT, PhP84.10, 0.12%), Ayala Corp. (AC, PhP602.00, 1.18%), Philippine Long Distance Telephone Co. (TEL, PhP3,028.00, 1.61%), Alliance Global Group Inc. (AGI, PhP24.00, 3.00%), BDO Unibank Inc. (BDO, PhP76.00, 3.12%), SM Prime Holdings Inc. (SMPH, PhP16.20, 0.87%), Ayala Land Inc. (ALI, PhP28.05, 2.19%), SM Investments Corp. (SM, PhP801.00, 3.76%), and Metro Pacific Investments Corp. (MPI, PhP4.68, 2.86%).
- Chemical Industries of the Philippines (PSE: CIP): PhP109.50, 50%
- TKC Steel Corp. (PSE: T): PhP2.29, 13.93%
- Bogo Medellin Milling Co. Inc. (PSE: BMM): PhP52.00, 11.59%
- I-Remit Inc. (PSE: I): PhP2.98, 9.56%
- Philippine Seven Corp. (PSE: SEVN): PhP108.90, 8.68%
- LMG Chemicals Corp. (PSE: LMG): PhP3.38, 8.68%
- Greenergy Holdings Inc. (PSE: GREEN): PhP0.014, 7.69%
- LT Group Inc. (LTG, PhP19.50, 7.26%
- Abra Mining & Industrial Corp. (PSE: AR): PhP0.0032, 6.67%
- City & Land Developers Inc. (PSE: LAND): PhP1.68, 6.33%
- Maybank ATR Kim Eng Financial Corp. (PSE: MAKE): PhP23.90, -25.31%
- A Brown Co. Inc. (PSE: BRN): PhP1.22, -5.43%
- 2GO Group Inc. (PSE: 2GO): PhP1.70, -5.03%
- Manila Mining Corp. “A” (PSE: MA): PhP0.023, -4.17%
- Cyber Bay Corp. (PSE: CYBR): PhP0.53, -3.64%
- ATN Holdings Inc. “B” (PSE: ATNB): PhP1.15, -3.36%
- Pacifica Inc. (PSE: PA): PhP0.029, -3.33%
- Integrated Micro-Electronics Inc. (PSE: IMI): PhP2.90, -3.33%
- Bankard Inc. (PSE: BKD): PhP1.03, -2.83%
- Philippine Realty & Holdings Corp. (PSE: RLT): PhP0.44, -2.22%
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