MANILA – Philippine shares recovered on Friday despite the continued slide of their counterparts in the United States and the peso stays firm against the greenback.
The Philippine Stock Exchange index (PSEi) rose by 0.67 percent, or 46.49 points, to 6,970.51 points.
All Shares increased by 0.51 percent, or 22 points, to 4,302.79 points.
Most of the sectoral indexes also finished the day up, and these are the Mining and Oil, 1.72 percent; Services,1.66 percent; Holding Firms, 0.84 percent; Industrial, 0.68 percent; and Property, 0.16 percent.
Only the Financials declined during the day with a drop of 0.13 percent.
Volume reached 864.83 million shares amounting to PHP4.88 billion.
Advancers led decliners at 100 to 90 while 54 shares were unchanged.
“Foreign investors still concentrated on Philippine shares as US equities extended their losing streak for the fourth consecutive trading day,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He said investors also took note of the European Central Bank’s (ECB) plan to slow asset purchases and its impact on the Federal Reserve’s pandemic-related measures.
Relatively, the peso remained firm against the US dollar after finishing the week’s last trading day at 49.865 from 49.92 a day ago.
It opened the day at 49.94 and traded between 49.96 and 49.83. Average level for the day stood at 49.897.
Volume reached USD774.19 million, lower than the previous session’s USD1.16 billion. (PNA)