MANILA, Philippines – Local stocks gained on Friday to finish at the day’s high as investors picked up oversold stocks alongside upbeat global markets.
The main-share Philippine Stock Exchange index advanced by 34.27 points or 0.89 percent to close at 3,875.81.
The upbeat local stock market trading was in line with regional stocks which also traded favorably for the day, taking their cue from Wall Street. Overnight, the Dow Jones Industrial Index added 84.54 points or 0.7 percent to 12,170.56 on signs of a stronger job market and better corporate profits.
The Bangko Sentral ng Pilipinas’ 25-basis point hike in its key interest rates had been factored in by the market and no longer affected the day’s trade, said Jose Mari Lacson, head of research at Campos Lanuza & Co.
Instead, Lacson said investors were only loading up on stocks that had been sharply sold down recently like Meralco, Metro Pacific Investments and SM Prime. “These stocks are now ripe for the picking,” he said.
Other actively traded stocks that gained were EDC, PSE, Metrobank, Ayala Corp., PLDT, Leisure & Resorts, Aboitiz Power, BPI, Semirara Mining, Banco de Oro and Filinvest Land.
On the other hand, the stocks that traded on the red were Cebu Air, Aboitiz Equity Ventures, Digitel, DMCI and Ayala Land.
All counters traded in positive territory but the industrial sub-index rose at the fastest pace of 1.5 percent.
Value turnover stood at P4 billion. There were 68 advancers that edged out 54 decliners while 47 stocks were unchanged.