PSEi rallies past 6,600 on stronger economy

Philippine shares rallied past the 6,600 mark on the last trading day of the week as investors continued to digest the country’s improved economic performance.

By the end of the session on Friday, the benchmark Philippine Stock Exchange Index (PSEi) surged by 1.5 percent, or 98.53 points, to close at 6,647.80.

The broader All Shares Index, meanwhile, gained by 1.01 percent, or 36.1 points, to 3,608.24.A total of 856.95 million shares worth P6.13 billion changed hands as foreigners made net purchases worth P87.45 million, stock exchange data showed.

READ: Asian stocks track Wall St rally as US jobs data ease recession fears

The bourse’s gains in the past three days erased losses from the market’s initial reaction to recession fears in the United States that caused Asian markets to plunge at the beginning of the week. Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the market rebounded as “more reassuring economic data brought back more confidence in investors.”

The Philippine economy grew by 6.3 percent in the second quarter, revving up from 5.8 percent in the first quarter.

All sectors were in the green, led by mining firms with a 2.5-percent increase.

Bloomberry Resorts Corp., led by Enrique Razon Jr., was the most actively traded stock, gaining 0.13 percent to P7.90 per share. —Meg J. Adonis