PH Stocks Surge on WB Revised Forecast

Manila—(PHStocks)—Philippine stocks were up Monday, 7 October, as the World Bank revised its growth forecast for the Philippines to 7% this year. This is the third news in less than two weeks that points to a brighter outlook for the country: the first two being the Asian Development Bank’s (ADB) revised forecast for the country’s economic growth to 7%, and the second, Moody’s Investors Service raising the Philippines’ government debt rating one level to Baa3 – basically giving the country its third investment grade rating.

The benchmark Philippine Stock Exchange index (PSEi) gained 0.83% or 52.73 points to close the session at 6,443.21. All counters except for the Services index (-0.48%) were in the green, led by the Holding Firms sector, which increased by 1.86%.

Trading was moderate, with value turnover reaching PhP6.18 billion on 1.39 billion shares traded. There were 90 gainers against 51 losers, while 44 stocks were flat.

The top most active stocks in terms of value are Universal Robina Corp. (URC, PhP118.60, 1.37%), SM Investments Corp. (SM, PhP837.00, 3.65%), Alliance Global Group Inc. (AGI, PhP25.05, 0.20%), Metro Pacific Investments Corp. (MPI, PhP4.64, 0.43%), International Container Terminal Services Inc. (ICT, PhP101.40, -0.49%), Philippine Long Distance Telephone Co. (TEL, PhP3,000.00, -0.66%), Puregold Price Club Inc. (PGOLD, PhP46.00, 1.77%), Cosco Capital Inc. (COSCO, PhP10.68, 6.59%), LT Group Inc. (LTG, PhP19.34, 0.42%), and Security Bank Corp. (SECB, PhP140.00, 0.72%).

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