Stocks close week on positive note

MANILA, Philippines — Investors sustained their buying spree yesterday, helping propel the local stock market to a positive finish for the week.

The bellwether Philippine Stock Exchange index (PSEi) managed to stay above the 6,300 level, gaining 0.43 percent or 27.47 points to close yesterday’s session at 6,348.14.

The broader All Shares index, however, inched down by 0.02 percent or 0.65 points to settle at 3,607.

“The PSEi closed higher as buying interest remained during the session,” Luis Limlingan of Regina Capital said.

“Market sentiment was buoyed by a UN report projecting faster economic growth for the country this year and next. This upbeat outlook helped sustain investor confidence and supported the index’s gains,” he said.

Most sectors were in the green, led by services, which advanced by 1.03 percent.

Property and industrial indexes, meanwhile, declined by 0.55 percent and 0.17 percent, respectively.

Total turnover value stood at P6.11 billion, slightly lower than the P6.22 billion recorded the previous day.

Market breadth was negative as decliners edged out advancers, 114 to 92, while 64 issues did not change hands.

ICTSI prevailed as the session’s top traded stock, climbing by 1.63 percent to P625 per share, followed by DigiPlus which fell by 2.16 percent to P16.30 and BDO which jumped by 2.13 percent to P139.10.