MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) inched higher after being forced to close at its top at the end of trading. The index closed at 7348.42, higher by 81.08 or 1.12 percent versus yesterday. The broader all-share index is up by 1.00 percent.
Most of the sub-indices are up today except for the Mining and Oil sector. The best performing sub-index is the Service sub-index, which was up by 1.93 percent.
Within the Service space, TEL led the advance to close at 1299.00 up by 2.44 percent. BLOOM slightly rallied at 4.41 percent higher than yesterday’s figures. HVN was up by 6.00 percent, while GLO was higher by 2.73 percent to close at 1693.
Within the Mining and Oil sector, PX dropped by 4.26 percent to close at 1268. LC is down by 2.34 percent, and PXP by 1.49 percent.
The most active stocks today include SM with PHP 352.62 million in traded value, AC with PHP 315.57 million, and SMPH with PHP 313.88 million.
The significant gainers include MHC by 10 percent, VUL by 6.90 percent, HVN by 6 percent, and ION by 5.91 percent.
The notable losers include PPG by 6.94 percent, ISM by 5.97 percent, LSC by 5.41 percent, and H2O by 4.76 percent.
There were 100 advancers, 100 decliners while 56 names remain unchanged.
The market turnover totaled PHP 4.94 billion. Foreigners bought PHP 2.66 billion worth of Philippine equities and sold PHP 2.12 billion, resulting in a net foreign buying of PHP 449.84 million.
S&P Global Ratings analysts said that the Philippine economy could easily expand by 6.5 percent because of the sound policies and infrastructure push. This is also possible with the aid of continuous investments and consumer spending.
The agency forecasts a growth of 6.7 percent growth regarding GDP for the entire year, which is at par when compared with 2017. This is, however, below the government’s 7-8 percent guidance.
During the first quarter of the year, the economy grew by 6.8 percent, but most economic managers see second-quarter growth to be more than seven percent.
Last April, the credit rating agency upgraded the credit outlook from stable to positive. The young and working population is also contributing to the strong economic growth as consumption encompasses 60 percent of the entire GDP.
Government spending is also helping the economy grow. From the start of the year to May 2018, the government has already spent PHP 280.90 billion. This is 42.4 percent higher versus the previous five months in 2017.
A total of PHP 1.068 trillion is expected to be spent for infrastructure alone this year. This is in line with the PHP 8-9 trillion program until the end of the president’s term in 2022.
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