MANILA, May 15 (PNA) — Share prices at the Philippine Stock Exchange (PSE) closed higher near the 7,900-mark on Friday weeks ahead of the release of the country’s first-quarter economic output, helped by the strength of United States stocks.
The benchmark Philippine Stock Exchange index (PSEi) advanced 50.51 points or 0.64 percent to 7,881.95 from previous day’s 7,831.44 close.
Jun Calaycay, an analyst at Accord Capital Equities Corp., said that while the market remain focused on more earnings from the local corporate front and balancing of external risks, investors are likely to begin their “best guesses” for the economy’s first-quarter performance.
“We are now getting closer and closer to an all-important economic data release — GDP (gross domestic product). The results are usually reported out toward the month’s end and thus leave the market with sufficient time to cast their ‘peso’ votes,” he said.
Calaycay said a strong overnight surge in U.S. stocks also tempered the lingering concerns over Greece and the recent weak economic data out of the United States.
“(This) provided investors with sufficient confidence to push the local market higher — by the week’s biggest advance,” he said.
All counters were in positive territory, led by mining and oil that increased 1.14 percent.
Volume of trade remained thin at 549.56 million valued at PHP7.62 billion.
Market breadth turned positive with advancers dominating decliners, 104 to 69, while 49 issues were unchanged.
The day’s top active issues were led by GT Capital Holdings Inc., Universal Robina Corp., Bank of the Philippine Islands, Bloomberry Resorts Corp. and Jollibee Foods Corp. (PNA)