By Arra B. Francia, Reporter
STOCKS capped the week on a positive note, lifted by last-minute buying on Friday.
The 30-member Philippine Stock Exchange index (PSEi) traded in the red for most of Friday’s session, reaching an intraday low of 7,586.34 — down by 1.04% — before climbing back 0.46% or 35.53 points to close at 7,701.38.
The broader all shares index also rose 0.21% or 10.01 points to 4,615.53.
“Philippine shares were traded higher at MOC (market on close) for the fourth consecutive trading day, using the mixed performance of the US and the earnings reports of several index constituents as a catalyst for this,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
This marked the fourth day of gains for the market. Friday’s close was also its highest in a month.
Wall Street indices closed mixed on Thursday, with the Dow Jones Industrial Average firming up 0.44% or 112.97 points to 25,527.07. The S&P 500 index gave up 0.3% or 8.63 points to 2,837.44, while the Nasdaq Composite index shed 1.01% or 80.06 points to 7,852.18.
Asian stocks also logged mixed performances, as investors focused on trade news, specifically on talks between the United States and the European Union.
US President Donald Trump and European Commission President Jean-Claude Juncker have agreed to work together on lower trade barriers, in a bid to alleviate tensions on the trade war.
Most sectoral indices recorded gains, led by property which jumped 0.87% or 32.76 points to 3,790.08. Financials followed with an increase of 0.4% or 7.71 points to 1,901.55. Industrials posted an uptick of 0.35% or 38.66 points to 10,813.62; holding firms added 0.05% or 4.45 points to 7,552.37; while services went up 0.01% or 0.17 point to 1,484.23.
Mining and oil was the lone counter that ended in the red, losing 0.51% or 50.14 points to 9,771.97.
The market saw some 1.29 billion issues switch hands valued at P6.22 billion, slightly lower than the previous session’s turnover of P6.66 billion.
Foreign investors sustained their net buying position, with net sales at P370.74 million, albeit lower than the Thursday’s P644.67 million.
Decliners narrowly outpaced advancers, 89 to 86, while 50 names remained unchanged.