Stocks advanced on Friday as investors took positions for an expected stream of more corporate profit results from the first quarter, and with gains on other Asian bourses and Wall Street overnight providing additional support to the local market.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.70 percent or 55.20 points to close at 7,947.25. The All Shares index firmed 0.63 percent or 28.40 points to 4,547.12.
“We expect continued positioning of funds next week due to first-quarter earnings. The market may go up [to 8,000 points]given that the results are [expected to be]favorable,” Astro del Castillo, First Grade Finance Inc. managing director, said in a phone interview.
“The market ended positive on the continued surge in markets overseas. We’re already in the 7,900 … it seems like investors are continuing to look at corporate earnings,” del Castillo said.
Del Castillo sees the market “poised for a consolidation, with an upward bias.”
Among the sectoral indices, only the property counter fell, dragged 0.05 percent down by Ayala Land Inc., which lost 0.25 percent during the session. The rest of the counters were positive, led by a 0.88 percent gain by holding firms.
Among the top companies, Philippine Long Distance Telephone Company ended flat. The biggest gainers were SM Prime Holdings Inc., Metropolitan Bank and Trust Co., Universal Robina Corp., Ayala Corp., BDO Unibank Inc., Global Ferronickel Holdings Inc., SM Investments Corp. and Manila Water Company Inc.
Total trade volume stood at 1.37 billion shares, valued at P10.77 billion. Advancers outnumbered decliners 100 to 75, while 52 issues finished unchanged.
On Thursday, the PSEi rose 0.75 percent or 59.02 points to 7,892.05, while the wider All Shares index gained 0.89 percent or 39.73 points to end at 4,518.72.