Philippine stocks rise despite Q1 economic contraction

Philippine stocks closed slightly higher on May 7 despite the country's economic contraction in the first quarter.

The Philippine Stock Exchange index (PSEi) gained 0.25% to close at 5,653.16 points.

Investors largely ignored the GDP decline of 0.2%, which was the first quarterly contraction since 1998, and focused on bargain hunting opportunities.

Market experts noted that expectations for a worse economic performance had already been factored in by investors.