PSEi rebounds ahead of Q2 GDP data

Philippine share prices bounced back on Friday, ahead of the release of the country's second quarter economic performance next week.

The benchmark PSEi gained 59.84 points or 0.77 percent to 7,819.39 at the closing bell. The broader All Shares increased by 23.61 points or 0.51 percent to 4,668.29.

"The market could also be pricing strong GDP (gross domestic product) numbers," BDO Unibank chief market strategist Jonathan Ravelas said.

Summit Securities president Harry Liu said investors are positioning ahead of the release of the second quarter GDP as well as the Bangko Sentral ng Pilipinas' policy meeting next week.

The Philippine Statistics Authority is set to announce the second quarter economic performance of the country on August 9, while the BSP's policysetting Monetary Board is scheduled to meet on August 10.

Continued foreign buying also supported the local markets uptrend, Diversified Securities equities trader Aniceto Pangan said.

Foreign funds bought P3.189 billion shares and sold P3.182 billion during the session, for a net buying position of P6.645 million.

"Market barometer rose 1.53 percent week-on-week on foreign portfolio flows glowing back to the local markets as they find cheaper valuation," Ravelas said.

More than 1.715 billion shares valued at P5.716 billion, changed hands. Advancers led decliners, 126 to 67, and 51 issues were unchanged.

Week-on-week, the main index gained 118.01 points or 1.53 percent from 7,701.38 on July 27. The bellwether lost 904.29 points or 10.36 percent from 8.724.13 on Jan. 3, the first trading day of 2018.