Per For B. France, Reporter
LOCAL SHARES barely moved on Thursday, measured by slower than expected economic growth in the third quarter.
The Philippine stock exchange index (PSEi) index recorded a profit of 0.02% or 1.78 points to close at 7.035.71, thus affecting intra-day trading losses. The wider index of all stocks in the meantime fell 0.21% or 9.05 points to 4.289.87.
Philstocks Financial, Inc. noted that the release of gross domestic product (GDP) data in the third quarter had an impact on the market. Philippine Statistics Authority reported on Thursday that the economy grew 6.1 percent, slower than the second quarter of the revised 6.2 percent.
"Although this is not a bad signal, it raises concern … Overall, the report shows the fastest-growing services (6.9%) followed by industry (6.2%). Despite expectations, agriculture slowed down to 0.4%. On the demand side, household consumption slowed down to only 3.5% (per capita), "the study reported.
Pressure on GDP growth was also lower than the average estimate of 6.3% in a BusinessWorld a survey of 15 analysts last week.
"This was in contravention of Asia and the US, where it grew sharply on Wednesday after the mid-term election results came in the expected way, raising unspeakable market uncertainty," said director of Regina Capital Development, Luis A. Limlingan said in a mobile message.
Industrial Average Dow Jones jumped 2.13% or 545.29 points to 26.180.30. The S & P 500 index increased by 2.12% or 58.44 points to 2.813.89, while the Nasdaq Composite index rose 2.64% or 194.79 points to 7.570.75.
Asian markets have also remained largely on a positive territory, reflecting Wall Street gains after American mid-term elections.
Sector indices were divided between winners and losers. The miners and oil counters caused losses, dropping from 7.02% or 691.47 points to 9.146,04, as the sub-index weight of Semirara Mining and Power Corp passed by 10.03% at P26 per piece. The company said net profit in the first nine months of this year fell by 23% to 8.8 billion.
Services also decreased by 1.32% or 18.99 points to 1,412.38, while companies kept 0.06% or 4.2,20 points to 6,922.23.
On the other hand, assets received 0.73% or 24.99 points to 3,417.76. Industrial products grew by 0.33% or 35.43 points to 10.687.93, and financial points were added by 0.12% or 2.03 points to 1.591,87.
About 1.56 billion issues are valuable to P8.39 billion of hand hands, down from the previous year's P46.50 billion, including cross-sectional shares of San Miguel Food and Beverage, Inc. because of its further offer.
Net foreign outflows amounted to $ 668.31 million, compared with net outflow of $ 38.60 billion on Wednesday.
Decliners were almost twice as advanced, from 132 to 70, while 50 numbers remained unchanged.