MANILA – Share prices on the Philippine Stock Exchange closed in the green on Friday, despite trading weak earlier in the day, as investors bought bargain stocks ahead of key economic numbers to be released.
The bellwether PSEi gained 31.77 points or 0.39 percent to 8,129.93 at the closing bell. The broader All Shares increased by 22.05 points or 0.45 percent to 4,926.56.
“PSEi recovered due to the last-minute bargain hunting of select index stocks during the pre-close in anticipation of economic data such as inflation, second quarter GDP (gross domestic product), and dovish BSP outlook next week,” Unicapital Securities equity analyst Christopher San Pedro said.
The Philippine Statistics Authority is scheduled to announce the July 2019 inflation rate on August 6 and the second quarter GDP on August 8.
The central bank’s policy-setting Monetary Board, on the other hand, will have its fifth meeting this August to decide whether it will further reduce interest rates as inflation remains low.
Foreign funds bought P3.468 billion of shares and sold P3.212 billion for a net buying position of P256.646 million.
More than 1.787 billion shares valued at P5.681 billion, changed hands. Advancers led decliners, 129 to 61, and 52 issues were unchanged.
Week-on-week, the main index lost 54.06 points or 0.66 percent from 8,183.99 on July 26. The PSEi was stronger by 640.73 points or 8.55 percent from 7,489.20 on January 2, the first trading day of 2019. (GMA News)
