Philippine shares climbed 1 percent in moderately active trading Friday, with market sentiment carried by gains overnight on Wall Street and North Korea’s failed rocket launch Friday morning.
While the market continued to move within the 4,990-5,100 consolidation window, it reacted positively to the failure of North Korea’s rocket launch and the 180-point advance of Wall Street stocks in New York overnight, said Harry Liu, president of Summit Securities Inc.
The main PSEi gained 50.52 points or 1 percent to close at 5,097.30.
More than 1.498 million shares valued at P5.716 billion changed hands during the morning and afternoon sessions.
However, decliners outpaced advancers 83 to 78 with 47 issues closing unchanged.
Most issues that gained were index stocks that carried the PSEi higher.
Asian markets shrugged off a rocket launch by North Korea before they opened, according to a Reuters report.
South Korea's Defense Ministry said the rocket exploded in the initial minutes of flight, and then fell in 20-odd pieces off South Korea's west coast, it added.
Overnight on Wall Street, the Dow Jones industrial average closed up 181.19 points, or 1.41 percent, at 12,986.58.
The Philippine market needs a couple of weeks of consolidation, because there is still a bit of nervousness about US, China and European economic numbers, said Summit’s Liu.
The goal is to breach the 5,100 resistance level. “Then we’ll see more aggressive market plays,” he added. —GMA News
source: gmanetwork.com
