PHILIPPINE shares upheld their positive momentum toward the end of the week, managing to finally tap the 6,000-mark even though the benchmark index still ended few points below that level on Friday.
On Friday’s trade, the Philippine Stock Exchange index (PSEi) sustained its position on the green side for the third straight day, rising by 0.08 percent, or 4.85 points to 5,987.09. Wider all shares, on the other hand, went up by 0.16 percent, or 5.70 points to 3,655.10.
Accord Capital Equities Corp. analyst Jun Calaycay said the extended decline in US stocks and the prospect of a slower Chinese economy threatened to keep optimism at bay and cap local shares’ two-session advance but failed to do so.
“Sentiments turned positive in the afternoon, with the index posting its best weekly return in nearly four months,” Calaycay cited.
Swaying between gains and losses through the morning session, the PSEi, he said, mustered enough strength to break into the 6,000-line for the first time since the year started.
Yet, the PSEi still failed to draw sufficient momentum to sustain the breach to the final bell.
The result for the sectors was also mixed up after the three of them posted losses, while the other half made some slight gains.
For instance, holding firms somewhat expanded by 0.18 percent, or 9.76 points to end at 5,440.00, followed by property counter, which increased a bit by 0.17 percent, or 3.80 points to 2,275.78. Financials also went up by 0.14 percent, or 2.00 points to 1,447.94.
Services, however, declined by 0.37 percent, or 7.03 points to 1,870.58, while mining and oil shed 23.45 points, or 0.18 percent towards 13,034.42. Industrial lost by 0.06 percent, or 5.60 points to 9,020.05.
On Thursday, the benchmark index continued its minor upward trend increasing by 0.40 percent, or 24.12 points to 5,982.24.