MANILA – The Philippine Stock Exchange index (PSEi) closed the week in the green while the peso slightly gained on Friday.
The PSEi continued to recover its losses after a volatile trading since news of the Omicron variant emerged in late November.
The local stock market increased by 22.65 points, or 0.32 percent, to 7,055.9, with All Shares rising 17.70 points, or 0.47 percent, to 3,790.20.
Half of the counters gained including Property, up by 72.66 points to 3,216.71; Financials, up by 20.51 points to 1,558.49; and Services, up by 8.42 points to 1,938.52.
Losers were led by Mining and Oil, down by 106.80 points to 9,362.03; Industrial, down by 54.87 points to 10,307.05; and Holding Firms, down by 45.80 points to 6,796.39.
“A broad rally on Wall Street pushed stocks sentiment across the region in the green including the Philippines, as the PSEi market continued (to) recoup some of its losses after several days of volatile trading,” Regina Capital Development Corp. managing director Luis Limlingan said.
Investors are also expecting strong labor data, pushing sentiments on the brighter side, he added.
Meanwhile, the Philippine peso slightly gained by 0.04 to end this day’s trading to 50.36 from 50.40 in the previous day.
It ended slightly strong despite starting the day at a weaker rate of 50.42 from last day’s opening of 50.38 to a dollar.
The currency pair traded between a low of 50.33 and a high of 50.48, bringing the average level at 50.42 to a dollar.
The total volume of trade increased to USD958.85 million from USD880.25 million during the previous day’s trading. (PNA)
