PHL share prices close higher on a technical rally

Philippine share prices closed higher in thin trading Friday, described by a broker as a technical rally from the market’s oversold position. The main Philippine Stock Exchange Index advanced 18.92 points or 0.45 percent to end the session at 4,153.40. Over 2.907 billion shares valued at P3.500 billion were traded. Gainers led losers 79 to 59 with 41 issues closing unchanged. “The market will probably go on with this technical rally for a week more," said Harry Liu, president of Summit Securities Inc. A lot of the market activity is being generated by local players “because of the global market situation," Liu said. “The global market sentiment is cautious," he added. “I don’t think the Philippine market is seeking new lows beyond 3,800 — that's where the support is right now, with the resistance between 4,100 and 4,200," Liu noted. “The big window is between 3,800 and 4,400 between now the end of the year," the broker added. — OMG, GMA News