MANILA – Philippine shares and the peso recovered on Friday, ending multi-day declines as bargain hunters returned to the market despite lingering economic and geopolitical concerns.
The benchmark Philippine Stock Exchange index rose 1.67 percent to 5,825.97, while the broader All Shares index gained 1.11 percent to 3,246.21.
Philstocks Research attributed the rebound to a technical recovery as investors picked up bargains following five consecutive sessions of losses. It noted, however, that many investors remained cautious amid risks to the domestic macroeconomic outlook.
All sectoral indices finished higher, led by Services with a 3.22-percent gain. Financials climbed 1.51 percent, Mining and Oil rose 0.95 percent, Industrial added 0.81 percent, Holding Firms gained 0.65 percent, and Property advanced 0.13 percent.
Trading volume reached 4.1 billion shares valued at Php 8.76 billion. Advancers outnumbered decliners, 106 to 70, while 65 issues were unchanged.
Meanwhile, the peso strengthened to Php 62.46 against the US dollar from Php 62.73 in the previous session.
The local currency opened at Php 62.65 and traded between Php 62.46 and Php 62.75, averaging Php 62.60 for the day.
Foreign exchange turnover increased to USD 1.83 billion from USD 1.14 billion in the previous session.
