Share prices advanced on Tuesday as investors took to shopping in anticipation of positive first quarter gross domestic product (GDP) growth results.
The benchmark Philippine Stock Exchange index (PSEi) climbed by 0.59 percent or 44.29 points to close at 7, 577.57 while the broader All Shares gained 27.72 points or 0.60 percent to 4, 629.33.
Forecasts of a stronger GDP growth in the first three months of 2018 may have fueled sentiment, China Bank Securities Corp. research director Garie Ouano said.
“[I]t’s likely that investors began positioning ahead of Thursday’s release,” Ouano added.
Papa Securities Corp. trader Gio Perez echoed this, saying: “The positivity we experienced today could be due to investors expecting positive results on Thursday, May 10.”
First quarter growth results will be announced by the Philippine Statistics Authority. Analysts polled by The Manila Times expect an acceleration to 6.7-7.0 percent from the previous year’s 6.4 percent.
Sectoral results were positive on Tuesday with financials the exception, falling by 0.59 percent.
Nearly eight million shares valued at P7.233 billion changed hands.
Winners led losers, 98 to 96, while 48 issues were unchanged.
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