For the first time this week, the local stock barometer closed higher Friday as investors sought bargains after several days of declines.
The 30-company Philippine Stock Exchange index climbed 53.40 points, or 0.85 percent, snapping a six-day losing streak, to close at 6,306.13. The broader all shares index advanced 14.76 points, or 0.40 percent, to 3,751.67.
Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that investors also welcomed positive signals from the Bangko Sentral ng Pilipinas, indicating its readiness to intervene in the foreign exchange market amid the peso’s recent weakening against the dollar. As a result, the peso strengthened against the dollar, closing at 58.145:$1 on Friday, compared to Thursday’s close of 58.63:$1.
Among the sectoral indices, only the mining and oil index ended lower, declining 0.40 percent. Holding firms posted the biggest gain, increasing by 1.38 percent, followed by the industrial sector, which rose 1.12 percent.
Value turnover stood at P5.84 billion. However, foreign investors became net sellers, with outflows reaching P54.30 million.
JG Summit Holdings Inc. was the top gainer for the day, advancing 5.24 percent to P22.10. Converge ICT Solutions Inc. was at the bottom, falling 4.36 percent to P17.10.
