Investors continued to hunt for bargains on the Philippine Stock Exchange for the fourth consecutive day, after the market hit oversold conditions in last year.
The benchmark PSEi rose by 0.54 percent or 38.76 points to close at 7,248.20. The All Shares index gained 0.39 percent or 17.03 points to 4,353.80.
Harry Liu, Summit Securities Inc. president, said in a phone interview the market’s oversold condition in the final trading days of 2016 prompted the four-day buying spree in the first week of 2017.
“The market, before the year end, was oversold at 6750 to 6800. And now, investors and fund managers are coming back with confidence boosted by our own strong economic structure as well as the US economy which reflected good numbers so far,” Liu said.
The market is looking forward to how the policy of the Duterte administration will match with those of US President-elect Donald Trump this year, Liu noted, saying the first quarter is traditionally full of rallies.
“But we may see some correction next week because we went up fast to 7,200 ever since the year started,” Liu said.
Only the Mining and Oil index register a 0.32-percent loss among the market sectors, while the Services index led the winners by 1.17 percent gain.
Security Bank Corp. was one of the top losers on Friday and Ayala Corp.—which advanced by 8 percent on Thursday.
Total of trades hit P8.56 billion, with 1.53 billion shares changing hands. Advancers and decliners were even, 101 to 101, while the 35 issues traded unchanged.
On Thursday, the PSEi surged by 2.54 percent or 178.49 points to 7,209.44, while the All Shares also climbed by 2.10 percent or 88.99 points to 4,336.77.