Stocks rebound on window dressing

By Arra B. Francia, Reporter
Local shares recovered on Friday, June 29, ending the first half of the year on a positive note on the back of window dressing alongside the positive finishes of international markets.
The 30-member Philippine Stock Exchange index (PSEi) jumped 1.8% or 127.11 points to 7,193.68. The broader all shares index likewise went up 1.61% or 69.55 points to 4,392.78.
“Philippine stocks ended the session higher to close out the semester on window dressing and some support from the region,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
The Dow Jones Industrial Average went up 0.41% or 98.46 points to 24,216.05. The S&P 500 index rallied 0.62% or 16.68 points to 2,716.31, while the Nasdaq Composite index jumped 0.79% or 58.60 points to 7,503.68.
Most Asian indices also ended higher following a recovery in Chinese markets.
On Friday, all sectoral indices ended in the green, with property leading the increase by 3.05% or 105.03 points to 3,549.11. Holding firms followed with a 1.65% rise or 114.15 points to 7,051.74. Industrial gained 1.56% rise or 160.40 points to 10,414.84, while services climbed 1.52% or 20.88 points to 1,392.62.
Mining and oil increased 0.43% or 41.69 points to 9,673.22, while financials added 0.4% or 7.06 points to 1,779.30.
Some 750 million issues switched hands, valued at P7.13 billion, higher than the P5.79-billion turnover on Thursday. Advancers outpaced decliners, 120 to 82, while 43 issues were unchanged.
Foreign investors turned buyers, purchasing a net of P526 million worth of stocks on Friday, coming from a net foreign selling position of P362.06 million in the previous session. Papa Securities’ Mr. Perez noted this is the largest net foreign buying figure since May 11.