The local stock market firmed up again after the respite in the previous session to end the week on a positive note.
The main index rose 39.23 points or 0.57 percent to close at 6,863.86 as the Mining and Oil sector rallied and led gains across the board. However, volume dropped to 1.57 billion shares worth P5.15 billion as gainers outpaced losers 113 to 80 with 49 unchanged.
“Philippine shares resumed climbing as investors digested initial jobless claims and home sales data and the latest decision from the BSP,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “There are no major US economic reports due out on Friday, but investor sentiment may be buoyed by a better-than-expected earnings report and an upbeat outlook from semiconductor equipment company Applied Materials on Thursday evening.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “Optimism persists in the market on the last trading day of the week after the Bangko Sentral ng Pilipinas (BSP) raises interest rates by 50 bps.”
She noted though that, “some investors returned on the sidelines as the net market value turnover declined.”