by: Sarah Joson
Wednesday, April 29, 2015 |
Optimistic projections from Moody’s Analytics are said to have aided the Philippines’ strong closing on Monday. Yesterday, benchmark PSEi expanded by 10.82 points or 0.14 percent to 7,958.07, while the broader All Shares climbed by 8.52 points or 0.19 percent, closing at 4,555.64. Furthermore, over 686.715 million, valued at P8.126 billion, had been transferred.
According to Luis Limlingan, Business Development Head of stock brokerage Regina Capital Development Corporation, domestic developments, such as Moody’s forecast on the country’s gross domestic product (GDP), helped improve local shares. Moody’s Analytics, the risk measuring and management arm of Moody’s Corp., said in a report published last weekend that the Philippine GDP possibly grew by 7.3 percent in the first quarter of this year, from 6.9 percent posted in the fourth quarter of 2014. This will likely encourage investors to reconsider the stock market.
It also noted that the growth was mainly due to increased government spending, higher infrastructure investments, and strong demand from consumers.
Limlingan pointed out that the report helped counterbalance the negative implication of the latest data on the US economy where several American companies revealed negative earnings, resulting to a decline of US stocks.
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