Philippine shares rise, Peso strengthens

Local shares in the Philippines increased on Friday as investors sought bargains following a week-long decline.

The Philippine Stock Exchange index (PSEi) climbed 0.17 percent, closing at 6,406.38 points, while the All Shares Index rose by 0.11 percent to close at 3,675.83.

Investors responded positively to the Bangko Sentral ng Pilipinas' recent reduction in policy rates by 25 basis points, bringing the interest rate down to 5.75 percent.

Miners outperformed other sectors with a gain of 1.56 percent, while financials and property indices saw declines of 1 percent and 0.4 percent respectively.

The peso strengthened against the dollar, closing at 58.81 from 59 the previous day, and trading volume rose to USD1.3 billion.