The local stock barometer posted a gain Thursday after the economy, as reported by the government, recorded a strong growth in the fourth quarter of 2019.
The peso closed at 50.98, slightly weaker from 50.91 on Wednesday.
The currency opened at 50.96 to the dollar, hit a low of 51.049 and a high of 50.90.
Turnover amounted to $981.95 million.
The benchmark Philippine Stock Exchange index rose 1.98 percent, or 147.62 points to finish at 7,616.35.
Philstocks in its report said bargain-hunting amid a faster fourth quarter gross domestic product growth rate sent the local stock market higher yesterday.
Economic growth surged to 6.4 percent in the fourth quarter of 2019 from the revised six percent in the previous quarter and 6.3 percent in the last quarter of 2018.
“Philippine shares finally reversed the downtrend after 4Q GDP better than most analysts expected at 6.4 percent,” said Luis Limlingan of Regina Capital Development Corp.
Limlingan said the travel ban for Wuhan City where the new corona virus originated, also gave many investors incentive to return back here.
“This travel ban never happened during SARS (severe acute respiratory syndrome), showing that Chinese officials are committed to stem the outbreak during the massive Chinese New Year travel,” Limlingan said.
All sector indices were in the green, with the biggest gain seen in the industrial sector with 2.72 percent.
Total value turnover reached P6.628 billion. Advancers toppled decliners, 117 to 73, while 50 stocks were unchanged.
