The local stock market extended its winning streak Wednesday on expectation of higher third-quarter gross domestic product (GDP) growth.
The 30-company Philippine Stock Exchange index added 23.71 points, or 0.39 percent, to close at 6,155.03, while the broader all-shares index rose 7.17 points, or 0.22 percent, to settle at 3,317.51.
Regina Capital Development Corp. head of sales Luis Limlingan said the PSEi extended its winning streak to six days “on the back of cooler-than-expected October inflation rate and anticipated third quarter GDP [growth], fueling optimism that BSP [Bangko Sentral ng Pilipinas] will keep benchmark rate unchanged on its Nov. 16 policy-setting meeting.”
Limlingan said the market expected the third-quarter GDP to rebound strongly from 4.3 percent expansion in the previous quarter. The Philippines Statistics Authority will release the data Thursday.
