Local stocks concluded the last trading session for the year with positive note, as investors expect a much better year for the Philippine bourse and the economy in general in 2013.

Astro del Castillo, managing director of First Grade Finance, Inc., said in a phone interview that the positive ending of the last trading day was driven mainly by hope for a better year in 2013.

“The market had a positive end mainly because investors are looking forward for a better next year, they are expecting a good year again,” he said.

On the last trading session of the year, the Philippine Stock Exchange index (PSEi) inched up by 0.31 percent, or 17.84 points to 5,812.73.

According to brokerage firm First Metro Securities Inc., the 2012 gain for PSEi reached 32.95 percent.

The brokerage firm said that among major Asia Pacific indices, PSEi’s 32.95-percent gain is second only to Thailand’s 36.95-percent growth.

Jun Calaycay of Accord Capital Equities Corp., on the other hand, earlier said that overnight developments or progress, in the US fiscal cliff drama will be the major influence to trading sentiments as the Philippine concludes a record-setting 2012 session.    

“Year-end window dressing, profit-taking and portfolio re-configuration for 2013 presents a complimentary and/or balancing force,” he added.

The broader all-shares index, meanwhile, also had a positive close, rising 0.32 percent, or 11.89 points to 3,698.98.

For the sub-indices, those ending in the green outnumbered those that went into the red, with only two indices registering declines namely financials and services.

The financials counter was down by 0.51 percent, or 7.88 points to 1,525.95, while the services lost 0.36 percent, or 6.20 points to 1,724.65.

Industrial, however, registered good numbers at the last trading session of 2012, climbing 1.04 percent, or 91.26 points to 8,877.29, followed by holding firms, which upped 0.84 percent, or 42.83 points to 5,150.76.

Mining and oil also advanced by 0.83 percent, or 159.53 points to 19,408.38, while the property counter was slightly up by 0.31 percent, or 7.02 points to 2,304.63.

Market breadth was also positive with bulls prevailing over bears, 101 to 83, while 35 shares were unchanged. Value turnover was higher at P6 billion.  

On Thursday, the PSEI dropped 37.94 points on the penultimate day of trades, settling at 5,794.89 a day after setting the 38th record close for the year. 

“The index has been meeting stiff challenge to sustain closes above the 5,800-line. In line with historical trends, value turnover has substantially thinned, averaging just above P4.0 billion in the last two days, 40 percent less than the 30pd moving average,” Calaycay said regarding Thursday’s trading session.

“It remains to be seen if the final day of trades, even on thin flows, will be able to post gains of over 100 points towards a hoped for close at or near the 6,000-mark,” he added.