LOCAL shares rose on Friday, closing just below the 8,000 level, bucking the downward trend in most Southeast Asian markets after the European Central Bank kept interest rates steady.

The Philippine Stock Exchange index rose 1.08% or 85.39 points to 7,989.73 points. The broader all-shares index climbed 0.69% or 32.81 points to 4,771.64 points.

Reuters on Friday reported most Asian markets edged down, with MSCI’s broadest index of Asia-Pacific shares outside Japan, which has gained about 5% in the past two weeks, easing 0.2%.

“Philippine shares were bought up at closing while US stock indexes essentially hit the snooze bar as investors were relieved the European Central Bank didn’t announce any changes to its stimulus policies,” said Regina Capital Development Corp. Managing Director Luis A. Limlingan in a mobile message.

AFP reported ECB boss Mario Draghi on Thursday attempted to play down talk the bank is preparing to wind in its 60 billion euros ($69 billion) a month asset-buying scheme. “We simply said that our discussions should take place in the fall, or in autumn, since we are in Europe,” he was quoted as saying.

Harry G. Liu, president of Summit Securities, Inc., said investors are anticipating more catalysts to drive up the index in the next few weeks.

“It’s still in a short-term consolidation, continuing in a low of 7,750 and 8,000-resistance waiting for something positive,” Mr. Liu said in a phone interview on Friday, noting that investors will likely hold on to positive news coming from the scheduled State of the Nation Address of President Rodrigo R. Duterte on Monday.

Mr. Limlingan said the investing public will also look for cues from the Federal Open Market Committee’s two-day meeting starting on July 25.

“We do not expect any policy changes at the July FOMC meeting and expect only limited changes to the post-meeting statement. Investors will likely focus their attention on possible changes to the language describing inflation and the timing of balance sheet normalization,” Mr. Limlingan added.

Property led the charge, surging 1.67% or 62.15 points to 3,790.97 points; while holding firms rose 0.98% or 76.54 points to 7,927.93 points.

Mining and oil went up 0.84% or 107.66 points to 12,991.06; while services climbed 0.75% or 12.66 points to 1,693.04 points. Financials edged up 0.44% or 8.71 points to 1,965.01 points; and industrials expanded 0.33% or 37.32 points to 11,236.33 points.

Advancers outnumbered losers, 121 to 82, while 53 issues were unchanged.

Value turnover stood at P7.88 billion, lower than the P8.21 billion on Thursday as 1.51 billion issues changed hands.

Foreigners were buyers at P67.08 million, a reversal of the previous session’s net selling of P126.14 million. — Janina C. Lim

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