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PSEi rebounds on window dressing

MONEY- stock market thumbnail © Provided by Mediamerge Corporation MONEY- stock market thumbnail

Share prices on the Philippine Stock Exchange snapped a two-day losing streak to close mostly in positive territory on Friday as fund managers went on window dressing for the first half of the year.

The benchmark PSEi gained 55.10 points or 0.71 percent to 7,843.16 at the closing bell. The broader All Shares increased by 29.38 points or 0.63 percent to 4,692.03.

"Philippine markets closed on a positive note this Friday and at the end of the first half of 2017 in a much anticipated window dressing session," Regina Capital Development Corp. business development head Luis Limlingan said.

Window dressing is a strategy used by fund managers to improve their portfolio performance by the end of the year or quarter, according to Investopedia.

Eagle Equities Inc. President Joseph Roxas also noted that window dressing spurred a rally late in the session.

More than 2.071 billion shares, valued at P9.903 billion, changed hands. Decliners led advancers, 118 to 89, and 38 issues were unchanged.

Week-on-week, the PSEI added 28.99 points or 0.37 percent from 7,843.16 on June 23. Year-to-date, it surged by 1,002.53 points or 14.65 percent from 6,840.63 on December 28, the last trading day of 2016. — VDS, GMA News

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