The main composite index of the Philippine Stock Exchange rebounded from a seven-day slump, closing above the 6,600 level on bargain-hunting Friday.
The PSE index rallied by 119.56 points, or 1.82 percent, to close at 6,676.65, while the broader all-shares index climbed 92.18 points, or 2.50 percent, to settle at 3,772.80, as investors bought back shares that were heavily sold down in the past trading sessions.
“Philippine shares finally broker the losing streak to finally close a few points below 6,700 as investors bought into the oversold index,” said Regina Capital Development Corp. head of sales Luis Limlingan said.
US stocks declined Thursday as US Federal Reserve chair Jerome Powell signaled a cautious stance on future rate cuts due to the economy’s resilience. Most of the sectoral indices ended in the positive territory, with industrial rising the most, climbing by 3.46 percent and financial by 3.15 percent. Holding firms, however, declined 0.18 percent.
Value turnover climbed to P5.826 billion, with 146 advancers and 56 decliners, while 52 issues were unchanged.
Bank of the Philippine Islands rose 3.45 percent to P140, while Universal Robina Corp., dropped 3.58 percent to P82.35.
The PSE entered the bear market Thursday after the index plunged by 2.34 percent to 6,557.09.
