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RP stocks up slightly on strong risk-taking


The Philippine Stock Exchange index closed marginally higher Friday as a late-session recovery in risk appetite reversed losses from an earlier profit-taking. “Even though there was no market-moving news on the domestic front, share prices improved because investors continued to take risks," said trader Martin Santos of First Metro Securities Brokerage Corp. The PSEi gained 11.92 points or 0.29 percent to close at 4,111.99, according to the PSE daily quotation report. Value turnover reached P4.140 billion, with 1.523 billion shares changing hands. Advancers outpaced decliners 94 to 40, and 38 issues were unchanged. Santos said the blue-chip stocks pushed the PSEi slightly higher than Thursday’s close at 4,100.07. There was “no other way that could push share prices one way or another," he said, pointing out that the market has already encountered a “healthy" correction. Moreover, Santos added there was no market-moving news to buoy share prices further. He said investors remained optimistic about local equities despite an overnight decline in Wall Street that sent the Dow Jones Industrial Average index 47.23 points or 0.4 percent lower to close at 10,788.05. —JE/OMG, GMANews.TV

Tags: rpstocks, psei
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