The Philippine benchmark index rebounded in afternoon trade on Friday on bargain-hunting after trading in the red most of the morning.
Early trading lacked a firm direction following weak global markets and in the absence of strong local leads.
But traders later picked up bargains as they speculated about earnings and timed their purchases with the expected releases of the figures, said Astro del Castillo, First Grade Finance Inc. managing director, told The Manila Times.
“It is mostly bargain-hunting. Investors are positioning ahead of the earnings reports, speculating gains. For the past few weeks, we haven’t had any market moving news and the market is generally sideways in a downward bias. But now, investors are positioning on the earnings of some listed companies. Today, PLDT and Alliance Global went up the most, so investors are looking at big companies like that to gain much more [in the next few days],” del Castillo said while the market was trading.
The Philippine Stock Exchange index (PSEi) gained 0.43 percent or 29.41 points to finish the week at 6,894.23, while the broader All Shares index firmed 0.27 percent or 11.13 points to close at 4,123.69.
PLDT and Alliance Global Group Inc. were the day’s top gainers.
PLDT shares were up 1.64 percent or P50 at P3,100, from Thursday’s P20 drop, while Alliance Global added 1.14 percent or P0.30 to P26.65.
Besides PLDT and Alliance Global, top gainers were Ayala Land Inc., up 0.80 percent or P0.25 at P31.40; SM Prime Holdings Inc., up 0.52 percent or P0.08 at P15.40; and Megaworld Corp., up 0.24 percent or P0.01 at P4.26.
Active losers included Robinsons Retail Holdings Inc., down 1.22 percent or P0.80 at P64.80; Universal Robina Corp., down 0.31 percent or P0.01 at P4.26 and Metrobank, down 0.29 percent or P0.25 to close at P85.75).
Among the sectoral indices, only industrials ended down, losing 8.16 points or 0.08 percent to 10,471.59. Services registered an increase of 0.84 percent or 17.72 points to finish the week at 2,117.60; property gained 17.26 points or 0.67 percent to 2,587.81; financials climbed 0.22 percent or 3.55 points to 1,637.77; holding firms gained 0.18 percent or 10.97 points to 6,189.66; and the mining and oil sector added 10.15 points or 0.06 percent to 16,728.88.
Total trading volume was 1.178 billion shares, valued at P7.148 billion. Decliners outnumbered advancers, 106 to 68, while 50 issues remained unchanged.
On Thursday, the Philippine Stock Exchange index dipped 0.04 percent or 2.77 points to 6,864.56, but the wider All Shares index went up a bit by 0.05 percent or 2.13 points to 4,112.56.