Stocks recover to end week on strong note
The Philippines Stock Exchange index gained 1.08 percent, or 85.39 points, to finish at 7,989.73, while the broader All Shares index increased 0.69 percent, or 32.81 points, to close at 4,771.64. File
MANILA, Philippines - The stock market returned to its winning ways yesterday after losing steam the previous day to close the week on a strong note.
The Philippines Stock Exchange index gained 1.08 percent, or 85.39 points, to finish at 7,989.73, while the broader All Shares index increased 0.69 percent, or 32.81 points, to close at 4,771.64.
Analysts said share prices were buoyed by “positive anticipation” to President Duterte’s state of the nation address on Monday.
After taking profits last Thursday, analysts said investors went bargain hunting yesterday.
“Philippines 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,” Regina Capital managing director Luis Limlingan said.
Other markets across Asia were sluggish as a result of most US stocks finishing lower on Thursday.
Locally, counters were all in the positive territory, led by property which rose 1.66 percent. Holding firms and mining and oil also performed well, adding 0.97 percent and 0.83 percent, respectively.
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