Philippine shares staged a healthy recovery in the last trading session of the week, even finding itself settling above the 6,000-point level anew amid local leads.
According to Accord Capital Equities Corp. analyst Jun Calaycay, the market was able to pull off a strong end on the back of local leads.
“Gross domestic product [growth]is above target, inflation is contained, remittances continued to expand, gross international reserves at record levels, among others,” he said.
Even the anticipated weakness in exports is consistent with expectations, Calaycay added.
The Philippine Stock Exchange index (PSEi) was able to set up a fast-paced recovery on Friday, as it gained 130.96 points or 2.20 percent to 6,075.17.
“The PSEi started off with a 40-point gain and except for a momentary slide took a decidedly positive heading, breaking into the 6,000-line going into the final hour of morning trades. The momentum was sustained through the afternoon session narrowing the weekly loss by more than half to only -1.49 percent from as much as -6.87 percent,” Calaycay said.
The wider all-shares index inched up by 2.02 percent or 73.30 points to 3,702.38.
Likewise, all the sectors performed better results with property, holding firms, and industrial counters outpacing other sectors,after registering an increase of more than 2 percent. Financials, services, and mining and oil were up more than 1 percent.
Total value turnover settled high at P14.4 billion with advancers, 100, moving ahead decliners, 53.
Some of the most actively traded stocks on Friday were SM Investments Corp., Ayala Land Inc., Philippine Long Distance Telephone Co., SM Prime Holdings Inc., Ayala Corp., Security Bank Corp., BDO Unibank Inc., Universal Robina Corp., and Alliance Global Group Inc.
On Thursday, the country’s second-quarter gross domestic product growth of 7.5 percent helped the market pull off a quick recovery, after having been through steep declines in the past two trading days.
From a two-day bloodshed, the bellweather index jumped 3.59 percent or 206.15 points to 5,944.21. The wider all-shares barometer rose by 3.23 percent or 113.53 points to 3,629.08.