Bourse closes week positively on better-than-expected China GDP growth

MANILA, Philippines (Xinhua) - The Philippine stock market succumbed to profit taking today but managed to close the week positively.

The bellwether Philippine Stock Exchange index lost 0.18 percent or 12.58 points to 7,103.55, while the broader all-share index shed off 0.09 percent or 3.96 points to 4,195.87.

Trading volume reached by 20.65 billion shares worth P6.47 billion ($144.39 million) with 84 stocks advancing, 93 declining, and 37 were unchanged.

While profit takers lorded over the local equities past two sessions, the local index still managed to make a weekly gain of 100 points.

"A week after the PSEi fell below the 6,900 level, the main index recouped losses pushed by a more bullish global sentiment on positive international news releases," AB Capital said in its daily stock market comment.

A better-than-expected China GDP growth set the bullish tone early in the week, after data showed that the Chinese economy grew 7.3 percent in third quarter compared to an expected 7.2 percent growth.

Net foreign transactions was negative this week, but is noticeably flat in the last three trading days where the index swung violently between gains and losses.

Overseas, the Dow Jones industrial average index rallied with 216 points following positive jobless claim data.

"The market was up 1.43 percent week-on-week following international leads as momentum has once again turned bullish on strong U.S. corporate earnings results," AB Capital said.

With local earnings announcement season also fast approaching, the brokerage said investors could expect the index to go sideways with a bullish bias as investors anticipate ahead of U.S. Fed Chairman Janet Yellen's speech and local corporate earnings releases.

Stocks in the 30-company index closed mixed. Among those picked up were Alliance Global Group, Inc., Metropolitan Bank and Trust Co., and Ayala Land, Inc.