PHL share prices up 0.74% at midday

Philippine shares traded higher at noon break Friday, aided by the bounce on Wall Street last night.

The bellwether PSEi was up 56.11 points or 0.74 percent to 7,673.41. The All Shares index increased by 29.41 points or 0.66 percent to 4,456.57.

The market is on technical rally coming from a sell-off, Papa Securities Corp. analyst Freya Natividad told GMA News Online.

"We just rebounded from yesterday as we neared 7,600 support level," she said.

On Thursday, investors sold on news after the Philippine Statistics Authority announced a strong fourth quarter gross domestic product (GDP) that helped the country maintain its position as the second fastest growing economy in Asia in 2014.

Natividad noted that the market also recovered on positive sentiment following Wall Street's overnight rally.

US stocks enjoyed a late afternoon rally and closed higher on Thursday as an upturn in oil prices and a rally in Apple and Boeing shares helped offset some disappointing earnings and lingering questions over US monetary policy, Reuters reported. —KBK, GMA News