Philippine Stock Market Rises Following Positive World Bank Economic Forecast

The Philippine stock market experienced a rebound as the World Bank's optimistic outlook on the country's economy became public. On a Thursday that saw the Philippine Stock Exchange index (PSEi) jump by 1.03% to close at 6,613.73, investors had a reason to celebrate. The broader all shares index saw a notable increase as well, rising by 0.75% to finish at 3,495.76.

World Bank Endorses Philippines' Growth

An uplifting forecast from the World Bank predicted the Philippines as one of the pace setters in Southeast Asia's economic growth for the year. Despite matching this forecast earlier in December, the country is poised to tie with Cambodia at a 5.8% growth rate, overshadowing other regional players such as Vietnam, Indonesia, and Malaysia. However, these figures are shy of the local government's ambitious target of 6.5-7.5% for 2024.

The optimism of the World Bank regarding the Philippines' economic growth, suggests positive developments for the country. Meanwhile, economic analysts await the upcoming release of the 2023 GDP totals by the Philippine Statistics Authority on January 31.

US Inflation Data Awaited as Shares Climb

Local market gains were also influenced by international events. Positive performance on Wall Street combined with anticipatory trading ahead of the much-awaited US December inflation data led to an upbeat atmosphere amongst investors.

Despite a mostly positive outcome for sectoral indices, the services sector experienced a drop. Financials, industrials, mining and oil, holding firms, and the property sector observed gains, contributing to the overall upward trend of the market. In the mix of the index members, Jollibee Foods Corp. saw a significant price increase, while JG Summit Holdings, Inc. experienced a decline.

The day concluded with a subdued value turnover of P5.27 billion and a majority of advancers outpacing the decliners in the stock market. Foreign buying amped up, indicating increased investment interest from overseas.

Philippines, Economy, Stocks