Philippine stocks ended the week in the green on positive cues from the US equities market amid encouraging economic data.
On the other hand, industrial and holding firms declined by 0.19 percent and 0.13 percent, respectively. Value turnover reached P4.245 billion, with 103 advancers and 91 decliners.Hong Kong and Shanghai stocks also soared Friday to lead gains across most Asian markets Friday after Chinese growth beat forecasts and officials flagged fresh measures to boost the world’s number two economy.
Friday’s news that gross domestic product expanded 4.6 percent was fractionally better than forecast in an AFP survey of economists but still marked the slowest pace of growth since the start of 2023. That came as data showed retail sales — a gauge of consumer spending — and industrial output rose more than expected in September.
ING’s China chief economist Lynn Song said: “The beat in the third quarter numbers keeps China within striking distance to hit its full-year growth target… and requires a slightly less impressive fourth-quarter growth rate than what was previously expected.” He added that he saw growth easing to around 4.75 percent next year and slowing further over the next two.Taipei was well up thanks to a near five percent rally in chip titan TSMC a day after it reported a bigger-than-expected increase in net profit for the third quarter and raised its growth forecasts for the year thanks to strong demand for AI tech.London dropped, while Paris and Frankfurt advanced.
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