MANILA — Bargain-hunting at the Philippine Stock Exchange index (PSEi) enabled the main equities gauge to finish the week on a high note, which also lifted the peso amid the rise in US Treasuries.
PSEi ended its three-day slide and gained 0.82 percent, or 72.03 points, to 8,810.75 points.
A trader said investors took advantage of the recent drop in the local equities market to make profit later on.
All the other indices also finished on high note, with the broader All Shares up by 0.99 percent, or 50.90 points, to 5,181.82 points.
Mining and Oil registered the highest increase among the sectors after rising 1.79 percent; followed by the Industrial, 1.03 percent; Holding Firms, 1.02 percent; Property, 0.92 percent; Services, 0.70 percent; and Financials, 0.16 percent.
Volume reached 3.1 billion shares amounting to PHP7.85 billion.
Gainers led losers at 123 to 72 while 58 shares were unchanged.
The local currency ended the week at 51.45 from 51.58 Thursday, which a trader also pointed to renewed interest by foreign players in Philippine equities.
Although the greenback received strong push from corporate demand, buying interest in local stocks was more powerful during the day, thus, the peso’s improvement.
Amid the positive close of the peso, it started the day weaker at 51.63 from 51.30 in the previous session.
It traded between a wide range of 51.45 and 51.76 resulting to an average of 51.65.
Volume during the day surged to USD1.12 billion from the previous day’s USD878.15 million.
The currency pair is seen to trade between 51.30 and 51.60 next week.