Stocks closed marginally higher Friday, as investors looked for bargains after three straight days of decline.
The 30-company Philippine Stock Exchange index inched up by 8.17 points, or 0.13 percent, to close at 6,303.72, while the broader all-shares index gained 13.14 points, or 0.35 percent, to finish at 3,736.28.
The peso also recovered to 57.14 against the US dollar Friday from 57.29 Thursday.
“The local market bounced back as investors hunted for bargains following three straight days of decline. The positive cues from Wall Street also helped in today’s rebound,” Philstocks Financial Inc. research head Japhet Tantiangco said.
Sectors were mixed, with financial rising 1.17 percent, while industrial and property advanced 0.67 percent and 0.07 percent, respectively.
Holding firms slipped by 0.67 percent, while services and mining and oil declined by 0.35 percent and 0.38 percent, respectively.
Value turnover was strong at P7.38 billion. Foreign traders remained net sellers, with outflows at P240.15 million.
Market breadth was negative, as decliners edged advancers, 104 to 93.
Bloomberry Resorts Corp. was the main index gainer, jumping 10.42 percent to P4.45, while Converge ICT Solutions Inc. was at the bottom, declining 4.14 percent to P18.06.
