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.

PSE-2-10-13The 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%).

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