MANILA -- Consolidation led the Philippine Stock Exchange index (PSEi) and the Peso to end the week on a positive note amid trade war concerns and ahead of the rate setting meet of the Bangko Sentral ng Pilipinas (BSP) next week.
The main equities gauge rose 3.48 percent, or 248.27 points, to 7,383.00, which LandBank market economist Guian Dumalagan traced to bargain hunting.
He said risk-on sentiment buoyed local stocks after it tracked US indices, which benefited from news that China reduced import tax.
“Wall Street catapulted into record territory after a sort of olive branch move by China in reducing import tax eased trade jitters,” he said Friday.
The S&P 500 increased by 0.8 percent to 2,930.75, the Dow by 1 percent to 26,656.98, and Nasdaq by 1 percent to 8,028.23.
This development made a dent across-the-board since All Shares also ended the week with gains at 4,507.40 points, up 2.16 percent or 95.44 points.
Financials led the sectors after it increased by 4.72 percent. It was followed by Property, 3.15 percent; Holding Firms, 2.63 percent; Industrial, 2.39 percent; Services, 2.07 percent; and Mining and Oil, 0.68 percent.
Volume reached 1.2 billion shares amounting to PHP11.6 billion.
Gainers finally reversed the situation after they surpassed losers at 114 to 86, while 43 shares remained unchanged.
The peso also stayed firm against the US greenback after finishing the week at 54.04 from 54.075 a day ago.
A trader said the improvement of the local stock market helped lift the local currency after the see-saw performance in recent days.
For the day, the unit opened at 54.03, weaker than Thursday’s 53.91.
It was able to improve to 53.95 mid-trade but also dipped to 54.08, resulting in an average of 54.027.
Volume reached USD669.9 million, higher than the USD606.1 million. (PNA)
