The advance was broad, with all six sector gauges rising and 120 stocks gaining against 57 decliners on P7.82 billion in trading, data from the stock exchange showed.
Ron Acoba, chief investment strategist at Trading Edge Consultancy, said Friday’s bounce partly reflected trading returning to normal after sell orders were concentrated in Thursday’s closing auction.
Many sell orders arrived at once just before Thursday’s close, briefly driving prices lower before trading normalized on Friday.
That means part of Friday’s gain was a recovery from an unusually weak finish.
"Today’s bounce was mainly due to trading normalizing after yesterday’s late session selling, where stocks ended sharply lower though with heavy bids and wide spread," Acoba said in a text message.
ICTSI dominates trading
International Container Terminal Services Inc. led the most-active list, rising 2.08 percent to P859 as P1.34 billion worth of shares changed hands—nearly five times the turnover of second-ranked BDO Unibank.
Aboitiz Equity Ventures and Ayala Corp. also advanced, while SM Investments was the only decliner among the five most actively traded stocks, falling 1.44 percent to P515.
Global risks stay in view
Manila’s recovery came against an unsettled global backdrop as Houthi-claimed attacks on Riyadh’s international airport briefly lifted oil prices and raised fresh concern over energy supplies from the Middle East, the Associated Press reported.
That matters for the import-dependent Philippines because expensive oil can push inflation higher, weaken the peso and keep interest rates elevated.
Pressure remains
Acoba said the recent selldown reflected a familiar mix of economic and market risks.
These include elevated global yields, a peso falling to new lows, stronger-than-expected inflation and the prospect of further interest rate hikes and concerns over the Marcos administration’s governance.
Acoba said the pressure has left the Philippines facing the worst economy of his career, which leaves Friday’s PSEi bounce on still-fragile ground.
—Edited by Miguel R. Camus
