Bourse ends week on high note

MANILA  -The Philippine Stock Exchange index (PSEi) ended the week on a high note as sustained buying pushed the benchmark measure closer to a key resistance area.

The PSEi added 0.52 percent, or 34.06 points, to 6,647.56 while the broader All Shares index increased 0.43 percent, or 14.99 points, to 3,530.90.

Friday’s close meant the PSEi was nearing the 6,700 resistance area that had capped recent upside for the bulls. Stock market analysts who follow technical indicators said a breakout with strong volume above 6,700 could see the PSEi target the 7,000 level.

Volume also improved on Friday as 776 million shares valued at P8.74 billion changed hands while net foreign buying reached P374 million, data from the stock exchange showed.

Volume jumped higher mainly due to the block sale of P3.6 billion MREIT shares that were sold by Megaworld Corp. to local and foreign institutional investors.

Financials and mining and oil were the top performers as they climbed 1.06 percent and 1.01 percent, respectively. All other subsectors increased while the industrial subindex slipped 0.07 percent.

BDO Unibank Inc., the most actively traded stock, was up 1.64 percent to P148.70 per share.

It was followed by Ayala Land Inc., up 1.48 percent to P27.40; SM Prime Holdings Inc., up 0.60 percent to P33.30; Bank of the Philippine Islands, up 0.44 percent to P115; and Jollibee Foods Corp., down 1.24 percent to P255.60 per share.

International Container Terminal Services Inc. was up 1.07 percent to P208.20; SM Investments Corp., was flat at P940; Ayala Corp., up 1.04 percent to P634.50; JG Summit Holdings Inc., down 1.13 percent to P43.80; and Robinsons Land Corp., up 1.34 percent to P15.10 per share.

Overall, there were 96 advancers against 77 losers while 49 companies closed unchanged, data from the stock exchange showed.

—Miguel R. Camus