RP stocks rise on Q1 GDP growth

Share prices on the Philippine Stock Exchange (PSE) rose in moderately active trading, boosted by news that the economy grew an impressive 7.3 percent, or over 14 times, in the first quarter from a year earlier. The main PSE index advanced 31.38 points, or 1 percent, to close at 3,156.53. More than 1.5 billion shares changed hands worth P3.65 billion. Gainers led losers 76 to 32, with 55 issues closing unchanged. The market opened on a weak note, with the lingering concerns about the European debt crisis and losses on Wall Street overnight, said Juan Carlos Garcia, an investment analyst with 2Trade Asia. With the release of the first quarter gross domestic product, the market went up, Garcia said. —VS, GMANews.TV