Philippine shares clawed back to the 6,100 level Friday amid easing political issues and a strengthening of the peso against the U.S. dollar.
The benchmark Philippine Stock Exchange index (PSEi) advanced 69.10 points, or 1.14 percent, to 6,108.86. The broader all shares index rose 26.56 points, or 0.73 percent, to 3,685.85.
The peso also closed stronger versus the U.S. dollar on Friday at 57.875 from 58.08 on Thursday.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said that aside from continued bargain hunting, the declaration of support by retired and active members of the military and police for the Marcos administration also helped ease market worries.
Likewise, the recent decline in global crude prices and hopes of a U.S. Federal Reserve rate cut also boosted market sentiment.
Four of six sectoral indices registered gains, led by services, which climbed 3.47 percent, followed by industrial, which increased by 1.39 percent.
Mining and oil, and holding firms, on the other hand, declined by 2.06 percent and 0.07 percent, respectively.
Trading, however, remained sluggish as value turnover amounted to P4.57 billion. Foreign investors were still net sellers with outflows at P80.56 million.
International Container Terminal Services Inc. was the top index gainer, jumping by 5.35 percent to P512, while Aboitiz Equity Ventures Inc. was at the bottom, declining by 1.61 percent to P30.50.
