Stocks rise, ignore negative GDP data

The Philippine Stock Exchange Index on Thursday rose 0.2 percent to 5,652.13 despite the contraction in the the gross domestic product in the first quarter.

Shares traded on positive note as investors brushed off the contraction in the first-quarter GDP on rpsopects the country may ease the lockdown after May 15, according to Luis Limlingan, managing director for Regina Capital and Development Corp.

“The COVID-19 pandemic has been the major culprit as with the major economies across the globe that are also experiencing the same slowdown. However the local bourse still managed to eke out reasonable gamins with expectations that the country may have soon reached the bottom and the reopening of the economy is soon and imminent,” Limlingan said.