Stocks resume climb

The local stock market resumed its upswing Friday to end the week on an upbeat note as regional markets firmed up on hopes that US interest rates will not rise too soon.

The Philippine Stock Exchange index (PSEi) gained 32.12 points or 0.45 percent to close the week at 7,138.91.

Regional markets were boosted by an increase in oil prices as well as the minutes of the US Federal Reserve, which indicated that the US central bank was in no rush to increase interest rates.

At the local market, the PSEi was led higher by the interest rate-sensitive property counter, which rose 2.04 percent. A low interest rate regime is good for the property market and if the US federal Reserve further delays its interest rate increase, this suggests less pressure for domestic interest rates to rise.

The financial, industrial, holding firm and mining/oil counters also firmed up Friday.

The services counter ended 0.96-percent lower, still dragged down by telecom stocks.

Value turnover for the day amounted to P6.51 billion. There were 108 advancers that edged out 76 decliners while 35 stocks were unchanged. Doris Dumlao-Abadilla