Philipine share prices perked up at the close of trading yesterday after bargain hunters snapped up issues in an effort to drive up prices.
The Philippine Stock Exchange index (PSEi) gained 51.41 points or 0.71 percent to close 7,275.62, while the All Shares added 27.88 points or 0.66 percent to 4,266.16.
The market was trading in the red in the morning up to early afternoon, stumped by the drop in the US markets overnight. The Dow Jones declined by a massive 315.51 points, while S&P 500 erased 33 points and Nasdaq went down 54.56 points.
Investors opted to buy in the last spurt before the market close due to lower prices of bargain stocks, as well as positive sights for the window dressing for the yearend, said Harry Liu, president of Summit Securities Inc.
“It’s a technical bounce back from the lower prices in earlier trades.
There is also a fundamental reason, which I presume would be that some are buying for window dressing for yearend,” Liu said.
“Now, for as long as we do not breach 7,050 points, we’re safe. But if the market go over the resistance at 7,350, we should be growing at a higher pace after that,” he added.
He enumerated that the activities for next year will boost the optimism of investors: increase in economic infrastructure spending, the coming of the Pope on January, APEC and election spending.
Financials went up 0.20 percent or 3.34 points to 1,698.08; Holding Firms increased by 0.84 percent or 52.95 points to 6,382.20; Property went up by 1.49 percent or 42 points to 2,858.96; and Services improved 0.44 percent or 9.30 points to 2,107.06. Sub-indices that lost were Industrial, down 0.08 percent or 9.03 points to 11,914.97, and Mining and Oil, which declined by 1.30 percent or 200.10 points to 15,209.61.
Most active stocks consist of EDC that ended flat, MEG, MBT and TEL down, and URC, BDO, BLOOM, ALI, SMPH and AC gaining. Shares traded was at 2.27 billion, valued at P10.48 billion. Decliners won against advances 94 to 81, while the unchanged stood at 51.
On Friday, the main PSEi surged by 2.15 percent or 152.11 points to 7,224.21, while the wider All Shares index likewise rose by 1.83 percent or 76.06 points to 4,238.28.