Philippine News Agency
Shares up on bargain hunting, peso ends flat
Philippine shares rebounded on Friday due to bargain hunting and positive economic projections, with the Philippine Stock Exchange index (PSEi) increasing by 1.38 percent to close at 6,352.12.
The positive sentiment was boosted by China's 5.4% Q4 2024 GDP growth rate, which exceeded expectations.
All sectors closed in the positive territory, with banks leading the gains.
Despite the PSEi's overall gain, advancers slightly outnumbered decliners, with 100 gainers against 82 decliners.
The Philippine peso closed almost flat against the US dollar, trading at 58.64 from the previous day's 58.61.
Volume of trade rose to USD1.59 billion from USD1.37 billion.
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The Philippine stock market rebounded past the 6,300 level, driven by bargain-hunting opportunities.
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The Philippine Stock Exchange Index (PSEi) increased on Thursday as bargain hunters continued to seek undervalued stocks.
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The Philippine Stock Exchange index (PSEi) closed 1.03 percent lower at 6,265.52 points, its lowest closing value since June 2024.
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Philippine shares dropped below the 6,400 mark on Monday, with the Philippine Stock Exchange index (PSEi) falling by 2.36 percent or 153.22 points to 6,343.10.
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The Philippine stock market experienced a second consecutive day of decline, with the PSEi closing down 9.68 points or 0.15 percent at 6,340.21 on Tuesday, January 21, 2025.
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