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Stocks end higher; peso strengthens to P56.11

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LOCAL stocks ended Friday marginally higher on bargain hunting as investors weighed the impact of the latest MSCI rebalancing and amid easing concerns about the US economy following the release of positive economic data.

The benchmark Philippine Stock Exchange index added 5.99 points, or 0.09 percent, to 6,897.54.The equities market failed to retake the 6,900-point resistance level, which was breached last week, ending the current trading week down 64.42 points compared to last Thursday's close of 6,961.96. Friday last week was declared a nonworking holiday.The broader All Shares index rose 9.52 points, or 0.26 percent, to 3,742.81.

''Direction from abroad was muted, with US stocks closing mixed despite a sharp pullback late in the afternoon session, as traders await the Federal Reserve's favored PCE inflation gauge due Friday ahead of the long Labor Day weekend,' he added.Limlingan noted that US real GDP growth for the second quarter was revised up 0.2 percentage point to plus 3.

 

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