PHL shares eke out gains in last-minute buying

After staying in the red for most of the day, Philippine share prices rose marginally higher on Friday, helped by some investors who went on a last-minute buying spree.

 

The benchmark PSEi added 3.83 points or 0.05 percent to 7,818.38 at the closing bell. The broader All Shares index increased by 8.53 points or 0.19 percent to 4,529.31.

 

Nearly 1.4433 billion shares worth P9.0845 billion were traded. Decliners overshadowed advancers, 109 to 73, while 40 issues were unchanged.

 

In a phone interview, Regina Capital Development Corp. business development head Luis Limlingan said the local stock market stayed weak for most of the day initially followed the movement in overseas markets. 

 

"But since the announcement of Fed, since they're going to raise interest rates, funds won't be pulling out of emerging markets yet," he said. "This prompted some buying."

 

The decline on Wall Street was largely a retreat from Wednesday's heavy move into riskier assets like stocks and oil, after the Federal Reserve's policy statement struck a more dovish tone than investors had anticipated, Reuters reported.

 

The decline in oil prices in the global market also drove some optimism, Limlingan said.

 

"Oil continues to decline, it bodes well for those companies directly affected," he said.

 

Brent crude fell towards $54 a barrel on Friday and was on track for its third weekly loss, hurt by oversupply worries after Kuwait said OPEC had no choice but to maintain output levels, Reuters said in another report. – VS, GMA News