The local bourse’s main index closed the week up, still on bargain-hunting, while the peso took a breather and appreciated against the US dollar.
For the third straight day, the Philippine Stock Exchange index (PSEi) rose, ending Friday at 5,997.13 points, up 1.12 percent. All Shares increased by 2.50 percent to 3,418.52 points.
Most of the sectoral gauges also rose, led by Holding Firms, which inched up 2.18 percent, followed by Property, 1.48 percent; Services, 0.65 percent; Financials, 0.46 percent; and Industrial, 0.34 percent.
Only the Mining and Oil index ended in the red, declining by 1.29 percent.
Volume reached 1.67 billion shares, amounting to P9.15 billion.
Advancers led decliners at 118 to 75 while 53 shares were unchanged.
Aside from bargain-hunting, Philstocks Financial Inc., in a market report, said “investors also digested the Philippines’ balance of payment position last October, which posted a surplus of USD706 million.”
The Philippine peso also ended the week up, closing at 58.85 against the US dollar from 59.06 on Thursday.
It opened the day sideways at 59.05, and traded between 58.81 and 59.10, averaging at 58.97.
Volume of trade reached USD1.68 billion, higher than the previous session’s USD1.08 billion.*PNA
