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Local Equities Going Higher

The local equities market closed the day higher, tracking gains in the US equities market brought on by recently released, robust manufacturing data. This served to confirm suspicions that previous months’ weakness was due to the unusually harsh winter.

Also, markets worldwide were relieved that sanctions imposed by the West on Russia and certain Ukrainian individuals would be of negligible economic impact, thus far. The PSEi surged forward, jumping 66.56 points, or +1.04%, to close at 6,466.55.

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PH Economy Expands Despite Yolanda

For the final quarter of 2013, the Philippine economy expanded by 6.5% year-on-year despite the damage caused by the Typhoon Yolanda during the latter part of the year.

The 4Q2013 growth was higher than Bloomberg’s consensus estimate of 6.0%. The better-than-expected growth was supported by the service sector, specifically Trade and Real Estate, Renting & Business Activities as well as the robust growth of the manufacturing sector.

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Global Equities Posted Declines

Global equities posted a sharp decline for the week amid heightened fears over China’s slowing growth and the sell-off in emerging market currencies.

This prompted a risk-off sentiment among investors, which in turn pushed US Treasury yields lower.

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