Philippine stocks ended higher on Friday, resuming a gain on the week, as investors built up positions in bluechips like banks amid ratings upgrade hopes, while other overbought markets retreated as concerns about US fiscal cliff prompted selling. The Philippine index rose for a fourth session, adding 0.5 percent and was up 2.1 percent on the week, reversing last week's 1.5 percent loss. It ended at 5,823.94, slightly off the previous record close of 5,831.50 set on December 11.
Shares in Metropolitan Bank & Trust Co, the second biggest lender by assets, advanced 2.1 percent, extending gains for a third session, after Moody's changed Philippine banking system outlook to positive Vietnam fell 0.7 percent after a two-day rally that had taken it into overbought territory. Its 14-day relative strength index (RSI) eased to 64.8 on Friday from Thursday's 72.46, above the threshold 70 that indicates an overbought market.
Singapore, Malaysia and Thailand, also traded in overbought conditions, pulled lower. Foreign investors turned net sellers on Friday for a net 48 million ringgit ($15.71 million) after three days of buying for a combined 161 million ringgit ($53 million), the Malaysian bourse said. Indonesia was down 0.1 percent, the fourth session of falls. With a weekly loss of 1.4 percent, it was the region's worst performer. Indonesia and the Philippines will be closed on Monday and Tuesday for a market holiday.
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