The local stock market didn’t stay too long in the red side and made a quick rebound as trading closed for the week.
The Philippine Stock Exchange index (PSEi) recovered easily on Friday from its one-day correction that happened on Thursday, climbing slightly by 0.20 percent, or 11.94 points to 6,113.66, while the wider all-shares index rebounded by 0.19 percent, or 6.87 points to end at 3,705.56.
Elizabeth Abadillo, Angpin and Associates Securities Inc. analyst, said that the market went up because it rode with the overnight uptrend of US shares.
“There was also no fresh news that’s why we were flat,” she added.
Except for services, majority of the sectors either managed to recover or stay safely on the green side. Mining and oil had the largest improvement, rising by 0.83 percent, or 113.49 points to 13,766.55, while property had a 0.78-percent advance, or 17.84 points to 2,300.54.
Industrial went up by 0.78 percent, or 70.94 points to 9,166.33, and financials had an additional 2.47 points, or 0.16 percent to close at 1,515.36. Holding firms slightly moved up by 0.01 percent, or 0.58 points to 5,524.80. Services, however, was the sole sector that ended in the red, losing 0.32 percent, or 6.08 points to 1,871.88.
Total value turnover also almost remained the same at P4.9 billion, with advancers beating decliners this time, 82 to 59.
Some of the most actively traded stocks on Friday were Philippine Long Distance Telephone Co., Ayala Land Inc., Universal Robina Corp., Bank of the Philippine Islands, Robinsons Retail Holdings Inc., Metropolitan Bank and Trust Co., JG Summit Holdings Inc., Ayala Corp., SM Investments Corp.,and Manila Water Co. Inc.
On Thursday, the benchmark index didn’t manage to prolong its run and ended up in the red for the first time in six days. The PSEi snapped out of its six-day winning streak to fall by 0.17 percent, or 10.59 points to 6,101.72, while the broader all-shares index went down by 0.12 percent, or 4.41 points to 3,698.69.