SHARE prices on the Philippine Stock Exchange (PSE) closed firmer on Friday on window-dressing for the end of the month while investors took positions for the release of more second-quarter earnings results.
The benchmark PSEi finished up 25.69 points or 0.32 percent at 8,071.47. The wider All Shares added 9.02 points or 0.19 percent to end at 4,790.60.
“I think it’s because of window-dressing. It’s end of the month, plus anticipation of more second-quarter results to come in,” Eagle Equities Inc. President Joseph Roxas said.
Cathrina Cerdenia, sales and business development associate at F. Yap Securities, Inc., said the market stood eager to breach the next resistance at 8,100 points but sought first to see progress in the implementation of priority projects marked as priority under the Build, Build, Build program of the government.
They are also described as the “low hanging fruits” or projects half completed by previous administrations that need to be harvested soon.
“We’re just waiting for these ‘[low hanging]’ fruits of the government because they have generated so much excitement – the ‘Build, Build, Build’… but in terms of actual results there is none yet, and it’s already the third quarter. Also we’re in the earnings season so that would depend on the performance of the corporations themselves if they’re good,” Cerdenia said.
The Mining and Oil sector index slipped 0.87 percent while Industrials dipped 0.30 percent.
Financials led gainers with 0.68 percent, followed by Services (0.64 percent), Property (0.22 percent) and Holding Firms (0.20 percent).
Cemex Holdings Philippines posted the biggest decline of 4.60 percent, while BDO Unibank, Inc. rose 1.71 percent.
Overall volume turnover reached 1.1 billion shares valued at P6.4 billion.
Advancers led decliners, 119 to 88, while 42 issues settled unchanged.