THE local stock market ended the week on a positive note after Wall Street had its largest gain in one day, fueled by the US’ satisfactory job data.
“For Friday, we followed the Wall Street advance. They had their biggest one day advance due to better employment data, private employment report, which both showed solid results although lesser than target,” Abbygayle Estrella, AB Capital Securities Inc. analyst, said in a phone interview.
She also said that the recently disclosed weekly jobless claims in the US, which showed improvement, also boosted major equities market all over the world.
On Friday, Philippine Stock Exchange index (PSEi) went up significantly by 1.63 percent, or 96.55 points to 6,011.14, while the wider all shares rose by 1.25 percent, or 45.25 points to end at 3,655.93.
“It was a day dominated by the bulls, building on a mere 4.84 point opening advance to push past the 100-point mark at the close. The gains across all sectors narrowed but failed to overturn the week’s negative close,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
Also, all the sectors were buoyant toward the final session for this week. Property had the largest gain, increasing by 1.75 percent, or 39.31 points to 2,287.96, followed by the holding firms, which climbed by 1.64 percent, or 87.43 points to 5,406.11.
Next to them are industrial, which went up by 1.37 percent, or 119.45 points to 8,861.96, and services, which gained by 1.36 percent, or 24.83 points to 1,850.70. Financials also advanced by 1.21 percent, or 17.92 points to 1,495.21, while mining and oil upped by 1.18 percent, or 157.38 points to 13,551.28.
Total value turnover was most likely the same at P5.9 billion. Advancers, however, outnumbered losers, 110 to 35.
Some of the top gainers on Friday were Philippine Long Distance Telephone Co., SM Prime Holdings Inc., Megaworld Corp., Metropolitan Bank and Trust Co., Ayala Land Inc., Robinsons Retail Holdings Inc., Metro Pacific Investments Corp., Bank of the Philippine Islands, Universal Robina Corp., International Container Terminal Services Inc., DMCI Holdings Inc. and GT Capital Holdings Inc.
On Thursday, Philippine shares have extended its run for the second day this week, prolonging the momentum it had on Wednesday.
Specifically, the benchmark index (PSEi) rose by 0.10 percent, or 6.18 points to 5,914.59, as well as the wider all shares, which went up 0.36 percent, or 13.06 points to 3,610.68.