Steady interest rates, US market gains lift RP stocks

(philstar.com)

MANILA, Philippines (Xinhua) - The local central bank's decision to keep key benchmark rates unchanged and the positive performance of the US market lifted the Philippine stock market on Friday, although some investors already started selling down their shares following the local index's two-day strong run-up.

The bellwether Philippine Stock Exchange index rose by 0.21 percent or 6.88 points to close at 3,244.45 on Friday although week-on-week, the local composite index slipped by 0.64 percent after its two-day sell off at the start of the week.

The broader all share index was also up by 0.35 percent or 7.06 points to 2,017.92 but three-financials, services and mining and oil sector-of the six counters tumbled.
A total of one billion shares valued at P3.8 billion ($85.59 million) were changed hands. Gainers barely outwit losers 49 to 47 while 67 stocks did not move.

"We were expecting a correction ahead of the weekend and after the market's strong performance on Wednesday and Thursday but there were strings of positive news which I guess countered the profit takers," Paul Balaoing of PCCI Securities Brokers Corp. said.

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