The Philippine Stock Exchange index (PSEi) gained 0.91% or 46.88 points to close at 5,196.19, while the broader all-share index climbed by 0.47% or 15.98 points to 3,448.27.
“The market was up... on window-dressing during the latter part of trading,” said Elizabeth S. Abadillo, analyst at brokerage Angping & Associates Securities, Inc., in a text message.
Investors “dress up” portfolios, usually at the end of the month, to make them look better. They sell stocks with declining prices and buy stocks with rising prices.
“Last-minute bargain hunting occurred, prompted by the latest GDP (gross domestic product) data and after the PSEi fell below 5,150 [on Thursday] and below 5,110 intra-day on Friday,” said Freya B. Natividad, analyst at online brokerage 2TradeAsia.com, in a telephone interview.
Investors ignored the 5.9% second quarter GDP growth the government reported on Thursday, but seemed to appreciate the full impact on Friday, Ms. Natividad noted.
Turnover improved to P7.36 billion from P4.20 billion on Thursday, as food and beverage firm Universal Robina Corp. and holding firm DMCI Holdings, Inc. held block sales.
Universal Robina shares rose by 1.08% or 65 centavos to P60.90, while those of DMCI Holdings jumped by 1.58% or 90 centavos to P57.90.
Foreigners, however, took profit, posting a net selling of P1.84 billion, up from P905.83 million the day before.
Advancers overtook decliners 88 to 71, while 39 stocks were unchanged.
All sectoral indices enjoyed gains and closed in positive territory, led by services that jumped by 1.38% or 23.97 points to 1,761.55.
Industrial advanced by 0.90% or 70.60 points to 7,904.24, while property increased by 0.70% or 13.76 points to 1,989.01.
Holding firms added 0.56% or 24.25 points 4,333.35, while financial rose by 0.22% or 2.82 points to 1,290.03.
Mining and oil inched higher by 0.20% or 41.87 points to 20,960.73.
Ayala-led Bank of the Philippine Islands surged by 3.02% or P2.20 to P75.
Local fast food giant Jollibee Foods Corp., which on Thursday announced bullish expansion plans in China, the world’s second-largest economy, advanced by 2.56% or P2.50 to P100.
Consunji-controlled Semirara Mining Corp. went up by 2.28% or P5 to P224, while geothermal power producer Energy Development Corp. rose by 2.22% or 13 centavos to P5.98.
Next week’s performance will depend on the speech of Federal Reserve Chairman Ben Bernanke in Jackson Hole, Wyoming on Friday night.
“[The market’s performance] will depend on Bernanke’s speech, as this would give direction for the equities markets. If the speech disappoints, we might go down. But right now, I’m seeing a technical rebound next week because the market has become cheap at its current level,” Ms. Natividad said
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