MANILA – The Philippine Stock Exchange index (PSEi) closed slightly higher on Friday following two consecutive days of decline, while the Philippine peso closed stronger against the US dollar.
The benchmark PSEi gained 5.99 points to 6,897.54 while All Shares rose 9.52 points to 3,742.81.
“The local market rose this Friday, after its two-day decline on the back of bargain hunting. Easing recession concerns in the US brought by the decline in their initial jobless claims and their upwardly revised Q2 (second quarter) GDP (gross domestic product) growth data gave the local market a boost,” Philstocks Financial Research Manager Japhet Tantiangco said.
“The market’s gains were trimmed however as investors maintained a cautious stance while waiting for catalysts,” he added.
Sectors were mixed with the properties taking the lead, up by 1.89 percent.
Services, on the other hand, were at the bottom, falling 0.92 percent.
Advancers edged decliners 104 to 88.
Meanwhile, the peso closed stronger at 56.111 to a dollar from 56.283 the previous day.
It opened at 56.2 and traded between 56.111 and 56.25.
The weighted average of the day was at 56.179. (PNA)