Growth euphoria fuels stocks surge
Investors were encouraged by the country’s 2Q24 GDP growth of 6.3%, which aligned with market expectations and demonstrated resilience despite ongoing recession fears in the US.
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Daily TribuneInvestors were encouraged by the country’s 2Q24 GDP growth of 6.3%, which aligned with market expectations and demonstrated resilience despite ongoing recession fears in the US.
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The stock index on Friday rose by 98.53 points, or 1.50 percent, to close at 6,647.80 as the latest economic growth boosted investors’ confidence.
All sectoral indices were green, with Mining and Oil leading the gainers at 2.50 percent, followed by Holding Firms up by 2.20 percent and Property increasing by 1.72 percent.
“Investors were encouraged by the country’s 2Q24 GDP growth of 6.3 percent, which aligned with market expectations and demonstrated resilience despite ongoing recession fears in the US,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Strong rebound
He added that US stocks on Thursday bounced back from earlier losses in the week, following investor concerns about the labor market’s strength and the broader US economy.
“Oil likewise rebounded after crude inventories fell for the sixth straight week,” Limlingan added.
The net market value turnover was P5.26 billion.
Advancers edged Decliners at 104 to 82, while 53 names remained unchanged.
The peso closed at P57.28 from a dollar.
