MANILA, Jan. 21 (PNA) –- The local stock market resumed its rally on Wednesday as investors cheered rosier prospects for the Philippine economy.
The barometer Philippine Stock Exchange index (PSEi) advanced 21.29 points to 7,474.10 from previous day’s 7,452.81 close.
Online brokerage firm 2TradeAsia.com said optimism spurred buying after the International Monetary Fund (IMF) forecasted above-average gross domestic product (GDP) growth for the Philippines, trumping forecasts for ASEAN-5 and the rest of the world.
The IMF upgraded its economic growth forecast for the Philippines to 6.6 percent and 6.4 percent for 2015 and 2016, respectively, on the back of lower global oil prices and expected pickup in government spending.
It earlier projected the country’s gross domestic product (GDP) at 6.3 percent and 6.2 percent in the next two years.
All counters were in positive territory, except mining and oil and industrial sectors that declined slightly.
Value turnover reached Php16.05 billion with 5.42 billion shares traded.
Market breadth was negative with decliners dominating advancers, 98 to 76, while 54 issues unchanged.
The day’s top gainers were led by Jolliville Holdings Corp., Nihao Mineral Resources International Inc., Abra Mining & Industrial Corp., Unioil Resources & Holdings Company Inc. and Manila Mining Corp. (PNA)