Philippine shares rose on Friday with the benchmark index finally going past the 6,600-point resistance level, fueled the 7.8-percent economic growth of China in the third quarter of this year.
Jun Calaycay, Accord Capital Equities Corp. analyst, said that Asian markets kicked of the week’s closing trades rather tepidly on the upside, with the China and Hong Kong markets surging on the back of numbers hinting at a pick-up in the world’s second-largest economy.
This, according to him, was despite the backdrop of a record close in the S&P 500 and a marginal -2.18-point slide in the Dow Jones Industrial Average.
Abbygayle Estrella, analyst at AB Capital Securities Inc., said in a phone interview that the market went up because of the high growth registered in China’s gross domestic product, or GDP.
However, she specified that during the early hours of Friday’s trade, the market experienced tough resistance toward the 6,600-point level, which was primarily because the market started to lose grasp of any significant leads, locally and overseas.
Specifically, the Philippine Stock Exchange index (PSEi) rallied past the 6,600-point resistance level toward the end of the Friday session, rising by 0.72 percent, or 46.95 points to end exactly at 6,607.83.
The wider all-shares index also ended positively as it registered a 0.69-percent increase, or 27.17 points to 3,984.37.
For the sectoral indices, property was the only sub-index that didn’t manage to go up, losing only by 0.15 percent, or 4.03 points to 2,593.24.
Services, on the other hand, went up by 0.99 percent, or 19.73 points to 2,016.72, followed by holding firms, which climbed by 0.97 percent, or 57.74 points to 6,019.34.
Also rising was were mining and oil, which advanced by 0.94 percent, or 120.17 points to 12,890.98, and financials, which recorded an increase of 0.61 percent, or 9.99 points to 1,636.50. Industrial also slightly improved with a 0.53-percent gain, or 49.21 points to close at 9,403.95.
Total value turnover ended at P8 billion with bulls still edging bears, 89 to 63.
Some of the most top gainers on Friday were Alliance Global Group Inc., Universal Robina Corp., First Gen Corp., Pepsi-Cola Products Philippines Inc., GT Capital Holdings Inc., Megaworld Corp. and Manila Electric Co.