At the Philippine Stock Exchange, the benchmark index opened slightly higher with a gain of 0.7 percent, with buying momentum accelerating as the session progressed.
At the close of trades, the composite index rose 130.96 points or 2.20 percent to end the week at 6,075.17. All sectors finished in the green with the property, holding firm and industrial counters up at least two percent each.
There were two gainers for every loser, while 37 issues were unchanged. A total of 1.26 billion stocks worth P14.43 million changed hands.
Most actively traded stocks were SM Investments, Ayala Land, PLDT, SM Prime and Ayala Corp. Top advancers were A Brown, Nextstage and Berjaya, while the biggest losers were Jolliville, Calapan Ventures and Cyber Bay.
The rally was fueled by window dressing and follow-through buying after the government reported economic growth that topped expectations, said Joseph Roxas, president at Eagle Equities Inc.
The Philippines' gross domestic product (GDP) expanded by 7.5 percent in the second quarter, defying the slump in the region and making it one of Asia's fastest growing.
"The GDP data came at a time when the market was ready for a rebound," said Roxas.
Prior to yesterday's 3.6 percent gain, the main index had been bleeding in four of the last five sessions, with losses aggregating nearly 13 percent. Escalating political tensions in Syria and the prospect of the US Federal Reserve winding down its stimulus program had been weighing on global stock markets.
Overnight, the Dow Jones Industrial Average rose 16.44 points, or 0.11 percent, to close at 14,840.95 amid further signs of an improving US economy.
Data showed the world’s largest economy grew at a revised rate of 2.5 percent in the second quarter, higher than the initial estimate of 1.7 percent. Meanwhile, applications for unemployment benefits fell more than expected last week.
Tempering gains in Wall Street were lingering concerns over a possible Western-led military strike against Syria for using chemical weapons in a massive deadly attack last week.
source: interaksyon.com
