The PSEi rose back to the 6,100 level on Friday's morning session following positive economic news from China and the United States.
The main index rose by 52.28 points or 0.86 percent to 6,124.46 in Friday's morning session.
The broader all shares index was up 0.59 percent to 3,851.95 points. All indices were up, except for industrials which dipped by 0.01 percent.
“Reports on economic data – US Housing and China economy – somehow influenced markets positively,” noted First Grade Finance Inc. managing director Astro del Castillo.
Regional markets were on an uptrend Friday, he said, as “recent data shows a more positive global economic prospects.”
Stronger-than-expected US housing data suggested economic growth in the world's biggest economy and the Philippines' top trading partner was likely to continue.
Still, the world's second largest economy posted a 7.9-percent gross domestic product in the fourth quarter of 2012, snapping seven straight quarters of slowing growth and suggesting that recovery is on track.
On the PSEi's uptrend, Del Castillo said, “The bias is still upward.”
Manny Cruz, Asiasec Equities Inc. market strategist, said the market will rise to over 6,100 should it hold on to the crucial 6,040 support on Friday. — VS, GMA News
0 comments:
Post a Comment