Most local stocks closed higher Friday, allowing the main-share index to climb back to 4,300 as investors found relief in fresh signs of an improving American economy.
The main-share Philippine Stock Exchange index added 22.27 points or 0.52 percent to 4,304.94. For the week, the index was up 12.44 points.
With the year about to end, the PSEi is so far ahead by a modest 2.5 percent compared to end-2010, outperforming most markets in the region this year.
On Friday, investors took heart from reports that weekly applications for US jobless insurance fell to a 3-1/2 year low. At the same time, they welcomed reports that manufacturing activity in New York state has climbed to the highest level since May, suggesting improved factory output in the United States.
Overnight, the Dow Jones industrial average gained 45.33 points or 0.38 percent to close at 11,868.81.
All counters at the local bourse ended higher yesterday, led by the mining/oil counter, which rose 1.36 percent.
Value turnover amounted to P5.63 billion, aided by net foreign buying totalling P254 million. Advancers swamped decliners, 93-49.
SM Investments, PLDT, Metro Pacific Investments, Cebu Air, First Gen, EDC, Ayala Corp., DMCI, Ayala Land, BPI and Philex led the main index higher. Puregold, Lepanto “A” (open only to local) and APC Group also traded higher in heavy turnout.
On the other hand, BDO, AGI and URC trimmed the gains of the main index. LR and Berjaya also traded lower. Doris C. Dumlao