The local stock market concluded the week in the green but escaped from volatility given the low total value turnover.
The Philippine Stock Exchange index (PSEi) capped the week with a 2.60-percent increase, or 166.85 points to 6,574.21, while the broader all-shares index went up 2.71 percent, or 106.09 points to 4,025.69.
Astro del Castillo, First Grade Finance Managing director, said in a phone interview that the market was still in a consolidation mode up to the last trading session of the week. However, buying momentum helped share prices pick up, which resulted in a modest increase in the PSEi.
“There was a momentum buying given the string of good news. Investors are still taking advantage of that but value turnover remains small,” he added.
Jonathan Ravelas, chief market strategist of BDO Unibank Inc., cited that the market took the speech of Federal Reserve Chairman Ben Bernanke positively, which in effect somehow calmed regional markets amid volatility.
Sub-indices on Friday also seemed buoyant after almost all the sectors registered significant improvements. Holding firms stood above other sectors as it posted the largest gains, rising 3.37 percent, or 196.35 points to 6,016.90.
Financials rose by 2.62 percent, or 41.93 points to close at 1,642.41, followed by property, which increased by 2.54 percent, or 63.11 points to 2,553.13.
Industrial, on the other hand, advanced by 2.13 percent, or 207.88 points to 9,963.99, while services grew 1.30 percent, or 24.86 points to 1,938.43. Mining and oil was positively flat with a 0.04-percent gain, or 5.86 points to 14,210.72.
Total value turnover was at P7.79 billion. Gainers managed to beat losers, 111 to 50, while 39 issues were unchanged. The local stock market ignored the sideways trend on Thursday and bounced back to the green side after some positive economic developments turned up.
The benchmark index ended Thursday’s session with a slight gain, inching up a bit by 1.57 percent, or 99.18 points to 6,407.36, while the wider all-shares index advanced by 1.58 percent, or 60.95 points to close at 3,919.60.