Inquirer
Bargain-hunting lifts stocks, but index stays below 5,000
The Philippine peso and the stock market recovered towards the end of the week due to bargain hunting amid COVID-19 fears.
The peso closed at 50.97 against the US dollar, recovering from previous levels.
The Philippine Stock Exchange index (PSEi) gained 3.36 percent to close at 4,778.76 on Friday, tracking rebounds in US and regional markets.
Despite the Friday gains, the PSEi remains in bear territory, losing 17.5 percent for the week.
Analysts suggest that while there are oversold stocks, these may only present short-term trading opportunities due to potential further escalation of COVID-19 cases.
The market is advised to maintain a 'sell on strength' stance, anticipating further rallies to be opportunities to reduce holdings.
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