The local stock market finally pulled away from its seven-day dive after investors found bargain prices too hard to resist.
The main index jumped 119.56 percent or 1.82 percent to close at 6,676.65 as Industrials and Banks led the rebound although Conglomerates got left behind. Volume was firm at 447 million shares worth P6.77 billion as gainers outnumbered losers 146 to 56 with 52 unchanged.
“Philippine shares finally broke the losing streak to finally close a few points below 6,700 as investors bought into the oversold index,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Meanwhile, US stocks declined Thursday as Federal Reserve Chair Jerome Powell signaled a cautious stance on future rate cuts due to the economy's resilience.
“The PPI excluding food and energy rose above expectations, and while October’s CPI met forecasts, the steady 0.3 percent monthly increase in Core CPI highlighted persistent inflation concerns, keeping the Fed’s fight against inflation ongoing,” Limlingan added.
Philstocks Financial Research Manager Japhet Tantiangco said "The local market rose this Friday on the back of bargain hunting. This comes following a 7-day decline."
"Also helping was the tempered inflation expectations as seen in the BSP’s latest survey of private sector analysts, and the surge in the Philippines’ third quarter foreign investment pledges," he noted.