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Philippines
Thursday, March 28, 2024

Market awaits GDP growth data

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Stocks are expected to move sideways this week, ahead of the release of full-year gross domestic product data on Thursday.

“The market has been swayed by global news the past weeks, heavily on UK’s ‘hard’ Brexit concerns and Donald Trump’s inauguration.  With no major local headlines in place yet, the mart might begin to factor-in the country’s GDP report on Thursday to manage expectations for this year’s performance and realign their portfolios,” 2TradeAsia.com said.

Analysts said investors would remain anxious about how US President Donald Trump would implement his policies, which were largely seen to be gearing toward protectionism.

“Consequently, Trump and [President Rodrigo] Duterte’s policies seem to mirror similar sentiment when it comes to economic priorities, which could definitely level their playing field to adopt fair and market-based trading conditions.  For now, it’s better to wait on cues until the dust clears out,” 2TradeAsia.com said.

The Philippine Stock Exchange index, the 30-company benchmark index, closed marginally lower by 0.1 percent over last week’s five-day market trading to 7,232.66 on Jan. 20 as investors took caution ahead of Trump’s inauguration as US president.

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The boarder all-share index went up by 0.1 percent to 4,365.63.

Major sub-indices ended mixed with property, services and mining and oil closing higher and financials, industrial and holding firms ending in the negative territory

Foreign investors were net sellers by P790 million last week, while average daily turnover dropped to P5.3 billion from the previous week’s average of P6.5 billion.

Top gainers last week were property developer Arthaland Corp. which jumped 29 percent to P0.80, EEI Corp. which climbed 24.2 percent to P7.90 and Bloombery Resorts Corp. which advanced 12.4 percent to P7.06.

Heavy losers included Alterra Capital Partners Inc. which sank 22.8 percent to 6.95 percent after the company reported that it planned to sell shares between P3.25 and P6.75 apiece.

Emperador Inc. fell 5.4 percent to P7 while Universal Robina Corp. dipped 5.1 percent to P166.10.

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