Positive sentiments boost share prices

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) advanced 0.56 percent or 36.22 points to settle at 6,500.48, ending the week with a two-day climb as investors turned positive following a streak of favorable foreign news.

The broader all shares index added 0.44 percent or 17.31 points to 3,972.63.

“The trend is that global markets remain cautious but positive and the local market continued to be overwhelmed by bargain hunters,” Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview.

Asia Pacific also ended the week with another gain, giving local investors a positive sign as jitters eased in the past few days, Del Castillo said.

Asian shares rose on Friday as investors take position ahead of the US Labor Department’s release of employment data. A weaker job market is seen to convince the US Federal Reserve not to ease its bond buying stimulus program.

US financial markets were closed for the Independence Day holiday.

In the local bourse, counters were mixed, led by holding firms that added 1.28 percent or 75.54 points to 5,960.72. Decliners were paced by 0.56 percent or 82.45 points to 14,532.53.

The value of shares traded fell to P5.18 billion compared with P5.43 billion on Thursday. Net foreign selling hit P188.49 million.

Advancers outplayed decliners, 86 to 64, while 46 stocks did not change.