The local stock market rose Friday, after a two-day decline on bargain-hunting.
The Philippine Stock Exchange index climbed 5.99 points, or 0.09 percent, to close at 6,897.54.
The broader all-shares index added 9.52 points, or 0.25 percent, to reach 3,742.81.
Rizal Commercial Banking Corp. research head Michael Ricafort said the main composite index also rose after the peso appreciated against the dollar to the strongest in more than five months.
Data from the Bankers Association of the Philippines showed that the peso closed at 56.11 against the US dollar Friday, up from 56.28 on Thursday.
Ricafort said that while US stocks were only up by a little overnight, the Dow Jones Industrial Average posted new record highs on closing.
Philstocks Financial Inc. research head Japhet Tantiangco said the easing recession concerns in the US brought about by the decline in initial jobless data claims and the revised second-quarter gross domestic product growth also gave the local market a boost.
The strong value turnover which reached P13.04 billion also helped boost the market.
Foreign investors, however, turned net sellers with total net outflows reaching P306.25 million.
Property rose the most among the indices, rising by 1.89 percent on expectation of continued monetary easing. Industrial rose 0.60 percent and financial by 0.30 percent.
Services declined by 0.92 percent, while holding firms and mining and oil dropped by 0.90 percent and 0.44 percent, respectively.
Wilcon Depot Inc. was the top index gainer, increasing by 4.44 percent to P18.80, while Nickel Asia Corp. was the heaviest loser, declining 2.32 percent to P3.37.
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