STOCKS closed in the green on Friday on the back of eased restrictions in Metro Manila and positive data.
The Philippine Stock Exchange index (PSEi) went up by 30.355 points or 0.42% on Friday to close at 7,213.46, while the broader all shares index rose 4.86 points or 0.10% to finish at 4,448.81.
“The index finished the week on a strong note as sentiment remained positive amid the easing of movement restrictions in the capital region,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.
Regina Capital Development Corp. Head of Sales Luis A. Limlingan said sentiment also got a boost after the independent OCTA Research group said National Capital Region (NCR) is at moderate risk for coronavirus disease 2019 (COVID-19).
“Philippine shares climbed once again, buoyed by upbeat third quarter earnings from major firms, a retreat in Treasury yields, and hints of improvement in the job market,” Mr. Limlingan said in a Viber message. “A softer uptick in September PPI (producer price index) of +0.5% also pushed the market up.”
All sectoral indices closed the week in the green except for holding firms, which lost 2.19 points or 0.03% to 7,081.06.
Meanwhile, mining and oil climbed 218.13 points or 2.07% to 10,727.93; services went up by 20.16 points or 1.07% to 1,903; financials gained 10.59 points or 0.67% to 1,573.87; property added nine points or 0.27% to end at 3,330.18; and industrials rose 8.10 points or 0.07% to 10,612.62.
Value turnover inched up to P10.56 billion with 1.22 billion issues traded on Friday from the P10.28 billion with 1.01 billion shares the previous day.
Advancers beat decliners, 113 against 84, while 45 names closed unchanged.
Net foreign buying climbed to P274.53 million from P191.09 million on Thursday.
“Support for the market may be placed at 6,940, while immediate resistance lies at the 7,320 level,” said Timson Securities’ Mr. Pangan. — K.C.G. Valmonte