Index stays in the green ahead of holiday break

MANILA, Philippines — Share prices managed to climb yesterday amid quiet trading, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) rose 55.70 points, or 0.70 percent to end at 7,952.72.

Likewise, the broader All Shares index rose by 25.17 points, or 0.51 percent, to close at 4,889.59.

The rest of the sectors also took the cue from the main gauges with the industrial, property and holding firms leading the gainers.

Total value turnover, meanwhile, reached P7 billion. Market breadth was positive, 99 to 89 while 49 issues did not change.

Astro del Castillo, managing director at First Grade Finance Inc. said “trading was just quiet. The holiday contributed to the anemic value turnover. It seems like the trading for the rest of the week will just be within this range of 7,099.”

On the other hand, he said there may be more catalysts next week as corporates release first quarter earnings.

“It could be a different story next week as we expect some fresh economic data to be released. Hopefully, inflation results and BSP-Monetary Board meeting will give us a boost,” he said.

The Philippines yesterday received a credit rating upgrade from Standard & Poor’s but the market was already closed when the news came.