The local stock index firmed up Friday, overcoming an early-session weakness, as prospects of further local monetary easing attracted buying on interest rate-sensitive counters banking and property.
The main-share Philippine Stock Exchange index added 13.9 points or 0.29 percent to finish at 4,783.52, staying afloat despite a sluggish sentiment brought about by export concerns across the region.
For the week, the index was up a modest 0.5 percent in a volatile trade.
After closing at an all-time high of 4,822 on Feb. 2, the market has been showing some fatigue, said Gus Cosio, president of First Metro Asset Management Inc.
“I think this consolidation could keep on going for a few days more; but rather than be fazed by any selling, I suggest that both traders and investors go deeper in each stock in his or her portfolio,” Cosio said.
“You can do some weeding out, but at the end of this downturn, you should have increased your exposure to the market. It is like taking the bull by the horns.
If you manage to do it properly, the reward is well worth it,” he said in his financial blog.
The index was aided by the financial and property counters, which respectively surged 1.64 percent and 1.7 percent. Mining/oil also outperformed with a 2.8-percent sub-index gain despite lingering concerns on the Aquino administration’s mining policy.
The industrial and holding firm counters, on the other hand, closed in negative territory.
Value turnover amounted to P8 billion, with 96 advancers beating 72 losers while 36 stocks were unchanged.
Among the index gainers were BDO, Metrobank, PLDT, AGI, ALI, Ayala, SM Prime, Globe and Meralco. Doris C. Dumlao