Manila Bulletin
GDP pushes PSEi to 21-month high
The Philippine Stock Exchange Index (PSEi) hit a new 21-month high, continuing its upward trend.
This rally was primarily driven by the release of third-quarter Gross Domestic Product (GDP) growth data, which exceeded expectations.
The economy grew by 7.1 percent in the third quarter, surpassing the 4.9 percent consensus forecast and showing a significant rebound as restrictions eased.
While slower than the revised second-quarter growth of 12 percent, the third-quarter GDP figure provided optimism for investors.
The Services sector led the market's rally, while the Property sector was the sole decliner.
Improved investor sentiment is also attributed to a downtrend in COVID-19 cases and potential economic reopening.
Market analysts suggest the PSEi might challenge previous peaks, supported by positive economic indicators and regional market performance.
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The Philippine Stock Exchange index (PSEi) and the peso saw gains on Tuesday, boosted by a better-than-expected third-quarter Gross Domestic Product (GDP) report.
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The Philippine Stock Exchange index (PSEi) and the peso saw gains on Monday, partly influenced by an upward revision of the country's second-quarter GDP growth to 12 percent.
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Philippine shares concluded the trading week on a high note, with the Philippine Stock Exchange index (PSEi) surging by 1.9% to close at a 20-month high of 7,340.77.
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The Philippine economy grew by 7.1 percent in the third quarter of 2021, exceeding the expected 4.7% and placing the country among the highest growths in Southeast and East Asia.
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The Philippine Stock Exchange index (PSEi) saw an increase of 0.26 percent, closing at 7,203.72 points.
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