Most local stocks closed with small gains Friday, overcoming a rough morning trade as weak economic data in China dampened sentiment across regional markets.
The main-share Philippine Stock Exchange closed 6.74 points or 0.13-percent higher at 5,263.35, aided by selective buying. It was down 21 points in morning trade but firmed up in the afternoon as investors sought bargains after a sharp fall on Thursday.
The main index was supported by the gains of the industrial, holding firm and services counters. However, the gains were capped by the decline of the financial, mining/oil and property counters.
Value turnover amounted to P4.7 billion. Despite the overall index gain, the broader market was lower. There were 64 advancers versus 85 decliners while 49 stocks were unchanged.
The main index was led higher by conglomerates Ayala Corp. (+1.18 percent), SM Investments (+1.3 percent) and Metro Pacific Investments (+1.43 percent). Globe Telecom and First Gen also contributed to the index gains.
On the other hand, the day’s gains were tempered by the decline of Metrobank (-2.72 percent) and AGI (-2.28 percent). BDO, PLDT, Philex, BPI, SM Prime and RLC also closed lower. Doris C. Dumlao