Philippine shares wrap up week on the green side


Philippine shares wrapped up the week on the green side after bouncing back and forth during the past few trading sessions.

On Friday, the Philippine Stock Exchange index (PSEi) defied the continued sideways trend within the local market, regaining 36.22 points, or 0.56 percent to end at 6,500.48.

“Basically, the Asia Pacific is positive. The trend in the global market remains cautious but positive, and the market continued to be overwhelmed by bargain hunters,” Astro del Castillo, First Grade Finance managing director, said.

Del Castillo said that in general, there was no market moving leads appearing within the week, adding that most regional markets are either in consolidation mode or moving sideways.

The wider all-shares index also managed to stay in the green with a 17.41-point increase, or 0.44 percent to 3,972.63.

However, it was somehow a mixed result for the sub-indices after half of them registered losses.

Holding firms registered the largest improvement, rising by 1.28 percent, or 75.54 points to end at 5,960.72, followed by industrial which went up 1.05 percent, or 101.89 points to 9,774.80. Property inched up a bit by 0.18 percent, or 4.42 points to 2,536.75.

Mining and oil, however, fell by 0.56 percent, or 82.45 points to 14,532.52, while services declined by 0.21 percent, or 4.09 points to 1,929.26. The financial counter was flat at 0.16 percent, or 2.68 points to 1,639.27.

Total value was slightly lower at P5.18 billion. Market breadth almost remained the same as advancers beat decliners, 86 to 64.

Still waiting for cues from global developments, local share prices on Thursday also seesawed in volatile trading until the benchmark index shed few points toward the end of the session.

The PSEi on Thursday shed its early session gains, losing 15.86 points, or 0.24 percent to 6,464.26, while the wider all-shares index managed to stay in the green all throughout, gaining 2.02 points, or 0.05 percent to 3,955.32.


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