Philippine stocks extended their rally Friday to close just slightly lower than the 6,000 level, led by continued bargain hunting and hopes for a rate cut. The strengthening peso also provided a tailwind.
The 30-company Philippine Stock Exchange Index (PSEi) ended the week at 5,997.13, up 66.32 points or 1.12 percent. The broader all-shares index closed at 3,418.52, up 83.50 points or 2.50 percent.
The peso appreciated against the US dollar, closing at 58.86 from 59.07 on Thursday.
Analysts noted the stock market is gradually recovering after dropping to a five-year low as investors see progress in addressing alleged government corruption, with cases being filed against officials allegedly involved in “ghost projects.”
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the domestic market also benefited from the recent decline in US stocks amid concerns over the high valuation of some technology-related shares.
Among the sectors, only the mining and oil index finished in the red, down 1.29 percent. Holding firms advanced the most, up 2.18 percent, while property stocks gained 1.48 percent.
Value turnover reached P7.62 billion. The market saw 118 gainers versus 75 decliners, with 53 stocks unchanged. Foreign investors were net sellers, with outflows totaling P1.97 billion.
San Miguel Corp. was the day’s top index gainer, increasing 5.63 percent to P75. Puregold Price Club Inc. was the main index laggard, declining 1.95 percent to P40.20.
