The local stock market increased amid strong trading as investors adjusted their portfolios while waiting for more economic indicators.
The main index added 5.99 points or 0.09 percent to close at 6,897.54, with sectoral indices split evenly. Volume shot up to 1.74 billion shares worth P13.3 billion aa gainers beat losers 104 to 88 with 56 unchanged.
“The local market rose this Friday, after its two-day decline on the back of bargain hunting. Easing recession concerns in the US brought by the decline in their initial jobless claims and their upwardly revised second quarter GDP growth data gave the local market a boost,” said Philstocks Financial Research Manager Japhet Tantiangco.
He added that, “The market’s gains were trimmed, however, as investors maintained a cautious stance while waiting for catalysts.”
Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares moved slightly higher as investors changed hands to take into account the latest MSCI rebalancing.”
“In addition, direction from abroad was muted with U.S. stocks closing mixed despite a sharp pullback late in the afternoon session, as traders await the Federal Reserve's favored PCE inflation gauge due on Friday ahead of the long Labor Day weekend,” he noted.