Philippine share prices outperformed their regional counterparts, ending the day in the green even as disappointing manufacturing numbers from China and the United States dragged other Asian indices lower.
The benchmark Philippine Stock Exchange index (PSEi) was mixed on Friday but still ended the week up slightly by 10.6 points or 0.2 percent to close at P5,120.07, clinging to the crucial 5,100-level.
The broader all-shares index was down 0.13 percent as 72 stocks advanced, 86 declined and 40 closed unchanged. Trading volume was modest with 2.3 billion shares changing hands for P4.5 billion.
The local market bounced back from its drop on Thursday, with the upward track “sustained by the country’s strong domestic fundamentals,” brokerage AB Capital Online said in a note to clients.
Earlier this week, the National Statistics Coordinating Board (NSCB) said leading economic data indicated that the Philippine economy would likely grow faster in the second quarter of the year.
In the January-to-March period, the country posted a 6.4-percent growth in gross domestic product (GDP), making the Philippines the second-fastest growing Asian economy next only to China.
Philippine Long Distance Telephone Co. (PLDT), the country’s biggest listed firm, was the most active stock and responsible for keeping the index afloat after rising 2.88-percent to P2,502 a share. Paolo G. Montecillo