With Wall Street rising to a new record, the Philippine Stock Exchange index (PSEi) managed to go up modestly on Friday by 0.29 percent or 18.52 points to close at 6,346.40, while the wider all-shares index advanced slightly by 0.11 percent or 4.26 points to 3,869.00.
Overseas, Federal Reserve vice chairwoman Janet Yellen indicated that she will push through with Federal Reserve’s monetary stimulus or bond buying, a Bloomberg report said.
“As expected, the market nudged its way up due in part to Yellen’s indicative interest rates positive comments yesterday on the US economy. Partially offset by net foreign selling performing short of its potential,” Richard Anthony Liboro, BPI securities director, said.
However, the result for the local sub-indices on Friday was sort of mixed. Holding firms managed to go up by 0.73 percent, or 42.03 points to 5,808.23, while financials moved a bit higher by 0.38 percen, or 5.75 points to 1,532.76. Property also ended on the green side, climbing by 0.26 percent, or 6.61 points to 2,546.92.
Industrial, on the other hand, fell 0.49 percent, or 45.06 points to 9,104.31, followed by services, which went down 0.18 percent, or 3.53 points to 1,965.70. Mining and oil ended flat with a gain of 0.01 percent, or 1.37 points to 12,078.92.
Total value was a bit thinner at P6.9 billion. Some of the most actively traded stocks on Friday, which were mostly down, were Philippine Long Distance Telephone Co., Puregold Price Club Inc., Metropolitan Bank and Trust Co., LT Group Inc., SM Prime Holdings Inc., JG Summit Holdings Inc. and Robinsons Retail Holdings Inc.
On Thursday, the PSEi closed a bit higher with 0.11-percent increase, or 6.92 points to 6,327.88, while the broader all-shares index went up by 0.11 percent, or 4.14 point to 3,864.74.