China GDP data lifts stock market
Credit to Author: Tyrone Jasper Piad| Date: Wed, 17 Apr 2019 16:16:00 +0000
Positive sentiment following higher-than-expected first quarter China growth data lifted the local bourse on Wednesday.
The bellwether Philippine Stock Exchange index (PSEi) closed at 7,835.15, up 0.11 percent or 8.69 points from the previous day. The wider All Shares gained 0.18 percent or 8.54 to 4,836.68.
“…Chinese GDP (gross domestic product) posted a first quarter … [growth] of 6.4 percent … sending majority of Asian markets … [up] including Philippines,” Philstocks Financial Inc. Research Associate Piper Chaucer Tan said.
“Local investors here are [also] in risk averse [mode] ahead of holidays,” Tan added.
Wednesday’s gain capped a shortened trading week as Philippine financial markets will be closed beginning today, April 18, in observance of Holy Week.
“PSEi’s movement on Monday could likely be dictated by how US markets move for the next three nights given the lack of catalysts in the local front, so best to watch out for that,” P2P Trade Online Sales Associate Gabriel Jose Perez said.
Most Asian markets rose following China’s GDP result, with Shanghai, Tokyo, Hong Kong and Singapore ending in the green at 0.29 percent, 0.25 percent, 0.01 percent and 0.45 percent, respectively.
Sydney, however, eased 0.3 percent and Seoul slipped 0.1 percent.
Back in Manila, sectoral results were mixed with holding firms, mining and oil and property ending in the red.
Total volume stood at 684 million shares valued at P5.34 billion.
Winners led losers, 110-73, while 45 issues were unchanged.
With a reports from AFP
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