MANILA — The local stock index recorded the highest gross domestic product (GDP) report for the year on Tuesday. This marks the winning streak for the fifth session.
The Philippine Stock Exchange index closed at 7,146.35 with 13.26 additional points or 0.19 percent, the highest finish of the country for 2014.
“We believe the market is trading ahead of the GDP figure. With the market recently breaching key resistance levels on heavy supply, the market will be vulnerable if results are weak (below 5.7 percent).
Positive results will help justify the higher levels,” according to local stock brokerage DA Market Securities. “Currently, resistance is technically at 7,200. We may see this week’s market performance to sustain above 7,100.”
DA Market Securities also noted that the second quarter growth of the country’s GDP was projected between 6.2 and 6.7 percent.
The services and mining/oil counters led the upswing in the index score. Both advanced by more than 1 percent.
Aside from that, the property counter was also modestly higher, whereas the industrial, financial, and holding firm sub-incides are lower. Value turnover for the day was at P10.26 billion.
Semirara led the rise at 4.47 percent. DMCI and PLDT also rose by 2.32 percent and 2.73 percent, respectively.
Some accounts that declined include URC and GT Capital, both with 2 percent drop.