MANILA – The Philippine Stock Exchange index (PSEi) recovered Friday due to bargain hunting but the peso sustained its sideways close against the greenback.
The main equities index rose by 0.53 percent, or 32.96 points, to 6,269.36 points.
All Shares, however, fell by 0.18 percent, or 7.02 points, to 3,850.98 points.
Most of the sectoral indices finished the shortened trading week on the negative and only the Holding Firm gained after it rose by 1.82 percent, as Thursday was declared a regular holiday for Eid al-Fitr, marking the end of Ramadan.
Mining and Oil registered the highest drop with 1.40 percent. Trailing behind were Property, 0.78 percent; Industrial, 0.76 percent; Services, 0.54 percent; and Financials, 0.31 percent.
Volume totaled 4.18 billion shares amounting to PHP11.06 billion.
Losers led gainers at 152 to 50 while 52 shares were unchanged.
“Local shares ended the week on a positive note, as bottom fishing drove the PSEi to close in positive territory as most of the session was spent on the red,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
Limlingan said sentiments were also affected by the rise in US stocks “on positive jobs data results, putting a stop to Wall Street’s three-day downturn.”
“Precious metals even recovered from its week-low as investors flocked to the bullion following the UST (US Treasury) yields’ decline,” he said.
Limlingan also noted the drop in commodity prices as “India’s coronavirus crisis dragged on, and the Colonial pipeline system resumed operations after a ransom cyberattack.”
He said the price of Brent crude oil in the international market fell 3.36 percent to USD66.99 per barrel, while the price of West Texas Intermediate slipped by 3.5 percent to USD63.74 per barrel.
“Both commodities erased the previous session’s gains,” he added.
On the other hand, the peso was barely changed against the US dollar after ending the week’s trade at 47.81 from 47.815 on May 12.
It opened the day at 47.83 and traded between 47.87 and 47.775, averaging at 47.825.
Volume totaled USD634.3 million, lower than the previous session’s USD869.95 million. (PNA)
