Manila Bulletin
PSEi up despite weaker GDP
Philippine shares experienced a slight increase on Tuesday, driven by bargain hunting after the market declined due to worse-than-expected economic contraction data.
The Philippine Stock Exchange index (PSEi) closed higher by 0.14%, or 9.42 points, reaching 6,326.83.
Analysts attribute the market's gain to investors seizing the opportunity presented by the day's dip, following the release of dismal first-quarter Gross Domestic Product (GDP) figures.
Positive sentiment was also bolstered by progress in the country's COVID-19 vaccine procurement, although trading lacked strong conviction.
The Philippine economy has now contracted for five consecutive quarters, marking its longest recession since the Marcos era.
In the first quarter of 2021, the Philippine GDP declined by 4.2%, which is an improvement from the previous quarter's 8.3% drop but worse than the 0.7% decrease recorded in the same period of 2020.
This first-quarter figure also fell short of the -2.6% median estimate provided by analysts in a recent BusinessWorld poll.
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The Philippine Stock Exchange index (PSEi) gained anew on Tuesday, with the main equities index rising by 0.15 percent, or 9.42 points, to 6,326.83 points.
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The Philippine economy contracted by 4.2% in the first quarter of 2021, marking its fifth consecutive quarter of decline and the longest recession since the Marcos era.
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The Philippine Stock Exchange index (PSEi) declined as investors favored US assets, while the peso hit a two-month high against the US dollar, reaching the 47-level. The PSEi dropped 0.38 percent, or 24.07 points, to 6,258.71 points, with All Shares also falling slightly to 3,877.43 points. The Mining and Oil, Services, and Industrial sectors gained, while Property, Holding Firms, and Financials sectors declined during the trading day. The peso closed at 47.855, its strongest level since February 15, driven by improved employment data and a decrease in new Covid-19 cases. Economist Michael Ricafort highlighted that the peso's strength was also influenced by the decline in the unemployment rate to 7.1 percent and a compromise agreement on pork import tariffs. The ADP report showed that 742,000 new jobs were created in the US last April, higher than the 517,000 in March but lower than the expectations of 830,000. The peso improved further against the greenback after ending the day at 47.855 from 47.98 a day ago.
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The Philippine peso strengthened versus the greenback on Tuesday, closing at P47.81 per dollar, appreciating by 5.5 centavos from its P47.865 finish on Monday.
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The Philippine Stock Exchange index (PSEi) declined for the fourth consecutive day, closing at 6,299.69 points, a 0.94 percent loss, reaching a new low for 2021.
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