PSE barometer ends week tad higher

The market gauge closed the trading week rebounding by 5.99 points, or 0.09 percent, to close at 6,897.54 after dropping for two straight days.

Sectors were split. with Properties strengthening the most by 1.89 percent, followed by Industrials up by 0.60 percent, and Banking increasing by 0.30 percent.

Among the indices, William Belo founded-Wilcon Depot, Inc. was the top gainer, jumping 4.44 percent to P18.80.

Services were the biggest loser down by 0.92 percent, followed by Holding Firms falling by 0.90 percent.

Recession worries bug

Philstocks Financial Inc. senior research analyst Japhet Tantiangco linked the sentiment boost to the ease of recession concerns in the US brought by the decline in their initial jobless claims and their upwardly revised second-quarter gross domestic product growth data.

He, however, noted that the market’s gains were trimmed as investors maintained a cautious stance, waiting for catalysts.

The net market value turnover climbed P13.04 billion, higher than the year-to-date average of P5.01 billion, while Advancers outweighed Decliners at 104 to 88. Meantime, 56 remain unchanged.

The peso closed at P56.28 from a dollar.