MANILA, Philippines- Philippine share prices on Friday ended the first week of the year's trading session positively, prompting analysts to call the performance as a "post-Holiday Santa Claus rally".
The benchmark 30-company Philippine Stock Exchange index rose 14.16 points or 0.7185 percent to 1,948.88 while the all-share index edged up 4.91 points or 0.3926 percent to 1,255.68.
Gainers led losers 49 to 27 while 47 stocks were unchanged.
All six sub-indices rose, led by Mining and Oil's 2.1429-percent climb and Services' 1.1686-percent jump. The other four sectors- Financials, Industrial, Holding Firms and Property- improved anywhere between 0.215 percent and 0.5084 percent.
Volume, however, was lower with 1.348 billion stocks worth P1.337 billion were traded.
Astro del Castillo, First Grade Holdings managing director, said there was follow-through buying on positive reviews of the Philippine economy.
Credit-watcher Fitch Ratings said that only "China, Philippines and Indonesia" were out of its negative watchlist.
"There's still some cautious follow-through buying on positive review on the Philippine economy. There's also some anticipation of a rate cut as inflation further slowed down, giving room for the Bangko Sentral ng Pilipinas to cut rates," del Castillo said.
He noted that several stocks are already ridiculously attractive, pushing investors to hunt for bargains.
For next week, the main index is seen to range between 1,950 and 2,000.
Telecommunications giant Philippine Long Distance Telephone Co., the top-traded stock for the day, surged P35 or 1.6204 percent to P2,195 while rival Globe Telecom Inc. leaped P20 or 2.439 percent to P840.
Bank of the Philippine Islands, one of the country's largest lenders, was flat at P40.
SM Investments Corp., the holding company of the Sy family and the Philippines' wealthiest, was steady at P199.
Ayala Corp., one of the county's largest business groups, rose P3 or 1.3575 percent to P224.
GMANews.TV
Source
The benchmark 30-company Philippine Stock Exchange index rose 14.16 points or 0.7185 percent to 1,948.88 while the all-share index edged up 4.91 points or 0.3926 percent to 1,255.68.
Gainers led losers 49 to 27 while 47 stocks were unchanged.
All six sub-indices rose, led by Mining and Oil's 2.1429-percent climb and Services' 1.1686-percent jump. The other four sectors- Financials, Industrial, Holding Firms and Property- improved anywhere between 0.215 percent and 0.5084 percent.
Volume, however, was lower with 1.348 billion stocks worth P1.337 billion were traded.
Astro del Castillo, First Grade Holdings managing director, said there was follow-through buying on positive reviews of the Philippine economy.
Credit-watcher Fitch Ratings said that only "China, Philippines and Indonesia" were out of its negative watchlist.
"There's still some cautious follow-through buying on positive review on the Philippine economy. There's also some anticipation of a rate cut as inflation further slowed down, giving room for the Bangko Sentral ng Pilipinas to cut rates," del Castillo said.
He noted that several stocks are already ridiculously attractive, pushing investors to hunt for bargains.
For next week, the main index is seen to range between 1,950 and 2,000.
Telecommunications giant Philippine Long Distance Telephone Co., the top-traded stock for the day, surged P35 or 1.6204 percent to P2,195 while rival Globe Telecom Inc. leaped P20 or 2.439 percent to P840.
Bank of the Philippine Islands, one of the country's largest lenders, was flat at P40.
SM Investments Corp., the holding company of the Sy family and the Philippines' wealthiest, was steady at P199.
Ayala Corp., one of the county's largest business groups, rose P3 or 1.3575 percent to P224.
GMANews.TV
Source
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