MANILA, Philippines — The stock market bounced back to end the week on a high note as it drew inspiration from other markets in the region.
The benchmark Philippine Stock Exchange index rose by 0.84 percent or 55.74 points to close at 6,726.01.
Also finishing in the positive territory was the broader All Shares index, which settled at 3,630.10, up 0.65 percent or 23.29 points.
Claire Alviar of Philstocks Financial said the local bourse rebounded along with most Asian markets following the strong sell-off on Thursday.
Alviar said foreign investors also helped lift the bourse during yesterday’s session, registering a net inflow of P63.91 million.
“Philippine share rebounded as Typhoon Carina left the Philippine area of responsibility while US stocks closed mixed ahead of a reading of the Federal Reserve’s preferred inflation gauge,” Luis Limlingan of Regina Capital said.
Super Typhoon Carina-enhanced southwest monsoon or habagat caused Metro Manila’s worst flooding in recent years, dumping more rains than Tropical Storm Ondoy in September 2009.
Aside from massive flooding, the weather typhoon also paralyzed the financial markets as stock market and foreign exchange trading suspended last Wednesday.
All sectors were in the green except for mining and oil, which dropped by 0.56 percent.
Property led the charge with a 1.36 percent increase, followed by industrial, which registered a 0.94 percent gain.
Market breadth was positive as advancers crushed decliners, 102 to 80, while 57 issues were unchanged.
Century Pacific Food posted the biggest gain among the index members at 3.49 percent, while Nickel Asia lost the most at 2.03 percent.