Philippine shares stayed in green territory toward the end of Friday trade, mirroring the trend among its regional peers as investors savored the optimism brought by developments in the US debt talks.
Astro del Castillo, First Grade Finance managing director, said in a phone interview that the local stock market managed to end in the green amid trust that US lawmakers will lessen the possibility of a default.
“The market went up given the development in the debt talks, among other news like the boost in FDIs [foreign direct investments],” he said.
The Philippine Stock Exchange index (PSEi) kept its positive pace, gaining 0.84 percent toward the last trading session for the week, or 53.83 points to 6,489.80, while the wider all-shares index went up by 0.87 percent, or 33.73 points to 3,925.79.
All the sectoral indices also capped the week with gains, with financials registering the largest gain, advancing by 1.56 percent, or 24.51 points to 1,600.01, followed by holding firms which grew by 1.35 percent, or 78.27 points to 5,866.09.
Property, on the other hand, went up by 0.53 percent, or 13.41 points to 2,562.07, while mining and oil climbed by 0.43 percent, or 53.18 points to 12,434.45. Industrial improved by 0.43 percent, or 40.26 points to 9,392.01, while services ended positively flat at 0.05 percent, or 0.98 points to 2,009.78.
Meanwhile, total value turnover ended at P8.8 billion with advancers edging decliners, 101 to 52.
Some of the top gainers on Friday’s session were Philippine Seven Corp., Del Monte Pacific Ltd., DMCI Holdings Inc., Emperador Inc., SM Investments Corp., Ayala Corp. and Cosco Capital, Inc.
On Thursday, Philippine shares pulled off a quick recovery after snapping out of its six-day run during the mid-week.
The main index rebounded by 0.91 percent, or 58.22 points to 6,435.97, while the wider all-shares index went up by 0.90 percent, or 34.69 points to 3,892.06.