Philippine stocks and the peso climbed Friday on encouraging employment data in the United States, the world’s largest economy.
The peso closed at 57.28 against the US dollar, up from 57.32 Thursday after the government announced an impressive 6.3-percent gross domestic product growth in the second quarter.
The PSEi, the 30-company benchmark of the Philippine Stock Exchange, also bounced back to the 6,600 level as Asian markets tracked Wall Street’s gains in the United States.
The index ended the week at 6,647.80, up 98.53 points, or 1.50 percent, from the previous trading, as the encouraging US job data allayed worries over the possibility of US recession.
The all-shares index also picked up 36 points, or 1.01 percent, to finish at 3,608.24 Friday.
“Philippine shares continued the rally to cross above the 6,600 after shaky trading week as more reassuring data brought back more confidence in investors,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Limlingan said investor sentiment was also boosted by the 6.3-percent second-quarter GDP growth, which is aligned with market expectations and demonstrating resilience despite market volatility.
Value turnover improved to P5.26 billion. Advances outpaced decliners, 104 to 82, while 54 stocks were unchanged.
All sub-indices ended in the green, led by mining and oil which advanced 2.5 percent, followed by holding firms by 2.2 percent and property by 1.72 percent.
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