Stocks jump in IMF GDP upgrade (Sabong News)
Author
James A. Loyola
Date
APRIL 20 2022
The local stock market rose for the third day this week on positive news locally and from overseas.
The main index jumped 104.68 points or 1.49 percent to close at 7,142.42 with the Property sector leading the charge although the Mining and Oil counter retreated. However, volume dipped to 799 million shares worth P4.82 billion as gainers outnumbered losers 98 to 78 with 54 unchanged.
“Philippine shares surged on the back of stronger than expected US corporate earnings,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “the International Monetary Fund raised its 2022 Philippine GDP projection to 6.5 percent from 6.3 percent previously but remained below DBCC’s target of 7 percent to 9 percent, citing the Ukraine-Russia war clouding the global economic outlook.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rallied amid optimism towards the local economy following the’s upward revision of the Philippines’ 2022 economic growth forecast.”
He also noted that, “The country’s sustained BBB+ credit rating with a stable outlook from Rating and Investment Information, Inc. also gave sentiment a boost.”
