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Tuesday, April 15, 2014

PSEi climbs over 6,600 points on Wall Street rise, PHL GDP

The PSEi climbed beyond the 6,600-level at early trades Tuesday, reflecting optimism over the rebound of Wall Street stocks overnight and expectations good economic results for the first quarter.

The bellwether PSEi was up 27.66 points or 0.42 percent to 6,617.21 as of 10:17 a.m. The broader all shares index increased by 14.94 points or 0.38 percent to 3,990.56.

"The positive cue was from overseas markets, with the Dow Jones up over 100 points last night," Papa Securities Corp. analyst Joanna Capiral told GMA News Online.

US stocks closed higher on Monday as Citigroup reported strong earnings and retail sales were up, giving investors more than enough reasons to take on risk despite a resurgence of geopolitical uncertainties in Ukraine, Reuters reported.

Capiral said the optimism over the first quarter gross domestic product (GDP) fueled the market.
"The Department of Finance said first quarter GDP could reach 7 percent," she said.

Philippine output may reach 7 percent in the first quarter, anchored on strong exports, reconstruction activities, and the roll-out of infrastructure projects, Finance Undersecretary Gil Beltran said Monday.

Source: GMA News

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