The share prices on the Philippine Stock Exchange rebounded on Friday, surging by more than 1 percent, as investors hunted for bargains after a two-day losing streak.
At the closing bell, the benchmark showed PSEi gained 95.18 points or 1.08 percent to 8,915.92. The broader All Shares increased by 35.20 points to 0.69 percent to 5,151.07.
Eagle Equities Inc. president Joseph Roxas attributed the equities market rally to bargain hunting as share prices were down in the past few days. “Consolidation is starting so we should see range trading for a while,” Roxas said.
During the session foreign funds bought P5.736-billion and sold P5.644-billion for a net buying position of P92.103-million. More than 914.339-million shares, valued at P10.021-billion, changed hands. Decliners led advancers, 127 to 103, and 54 issues were unchanged.