Local stocks on Friday climbed back to the 7,000 level on the back of fresh special deposit account (SDA) rate cuts and end-of-the-month window dressing.
The main-share Philippine Stock Exchange index added 29.98 points, or 0.43 percent, to close at 7,025.44.
Also, the index ended the week higher—up by 68.43 points, or 0.98 percent, as the gains of the last two days offset the selldown seen earlier in the week.
All counters firmed up at the local bourse. Total value turnover amounted to P10.23 billion.
There were 97 advancers against 69 decliners, while 46 stocks were unchanged.
Dealers said that, with the month coming to a close, some window-dressing activities have already started.
At the same time, Thursday’s 50-basis-point cut in the SDA rates also perked up the market.
SDA is a mechanism that allows the Bangko Sentral ng Pilipinas to borrow from the broader market.
Lower returns on the SDA deposit is expected to drive more yield-seeking investors to equities.
The day’s upswing was led by Bloomberry, Semirara, Megaworld, Globe, AGI and FGEN.
On the other hand, the day’s gains were tempered by the decline in DMCI, SM Prime, Petron, Philex, AP, SMC, RLC, BPI, AEV and MWC. Doris C. Dumlao