PSEi up for 4th straight session
The stock market appeared headed for a decline on Friday but last-minute buying allowed it to extend a recovery to a fourth straight day and return to the 7,700 level.
The benchmark Philippine Stock Exchange index (PSEi) dropped to as low as 7,586.34 in the afternoon but then regained strength to end the day up 0.46 percent or 35.53 points to 7,701.38 from Thursday.
The wider All Shares grew 0.22 percent or 10.01 points to finish at 4,615.53.
Regina Capital Development Corp. Managing Director Luis Limlingan said fresh second quarter earnings results were likely behind Friday’s gain.
China Bank Securities Corp. research director Garie Ouano, meanwhile, said: “Trading for most of the day was likely driven more by technical factors especially since the index has seen a three-day streak and was at a key resistance level.”
The uptrend was in line with most regional peers that were looking forward to the release of second quarter US growth data.
Data due Friday (US time) is expected to show that the US economy had grown between 2-4 percent in April-June, the fastest since the third quarter of 2014.
Tokyo ended up 0.56 percent, Hong Kong gained 0.08 percent, Seoul advanced 0.26 percent, Jakarta rose 0.61 percent, and Bangkok grew 0.70 percent.
Shanghai and Singapore dropped by 0.30 percent and 0.27 percent respectively.
In Manila, all indices except for mining and oil were in the green.
Volume turnover reached 1.29 billion shares valued at P6.2 billion.
Losers led winners, 89 to 86, while 50 issues were unchanged.
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