PHL share prices post gains despite lower than expected Q2 GDP

Philippine share prices opened the holiday-shortened trading week in the bull's territory on Wednesday, finding support from the generally upbeat global markets' sentiments. Despite the lower than expected Philippine economic growth in the second quarter, the bellwether 30-company Philippine Stock Exchange index jumped 42.94 points or about 1 percent to 4,348.50 while the all shares climbed 32.23 points or 1.07 percent to 3,041.67. Gainers dominated losers, 101 against 42, while 36 stocks closed unchanged. All six sub-indices closed in the green with Mining & Oil gaining 2.81 percent and Property rising 2.73 percent. Volume traded reached 6.49 billion shares valued at P4.91 billion. The market's direction was determined by the movement of the overseas markets, said trader Justino Calaycay Jr. of Accord Capital Equities. "Investors will be keeping a close watch on market overseas," Calaycay said. Overnight Tuesday, Wall Street posted modest gains with the Dow adding 0.18 percent and Nasdaq climbing 0.55 percent. On Wednesday, most Asian market were trading higher as of mid-session, led by the Straits Times' 1.63-percent uptick. The Philippine government, however, reported that the economy posted a growth of 3.4 percent in the second quarter, significantly lower than last year’s 8.9-percent expansion and slower than its own forecast of a growth of between 4.5 percent and 5.5 percent. In the local bourse, four of the five of the most active stocks for the day advanced. Gokongwei-owned food manufacturer Universal Robina Corp., the day's top traded, slipped P1.05 or 2.58 percent to P39.70. Lepanto Consolidated Mining Co. "A" added P0.03 pr 1.90 percent at P1.61. Boulevard Holdings Inc. leaped P0.08 or 21.05 percent to P0.46. Telecommunications giant Philippine Long Distance Telephone Co. soared P48 or 2.05 percent to P2,390. Metropolitan Bank & Trust Co. rose P1 or 1.39 percent to P73. --CMA/OMG, GMA News