PSEi rebounds to 5,700 level

Philippine shares closed the week on a strong note on Friday, as investors' bargain hunting supported the local market.

The benchmark Philippine Stock Exchange index (PSEi) gained 119.53 points or 2.11% to close at 5,782.70 at the closing bell.

The broader All Shares index also closed in the green at 3,218.81, up by 44.12 points or 1.38%.

"The local index ended higher as buying pressure emerged across the board, led by index heavyweights," said Luis Limlingan, head of sales at Regina Capital Development.

"Market sentiment may have benefited from potential fund reallocation following MSCI's downgrade warning on Indonesia, which could redirect some foreign inflows toward other emerging markets, including the Philippines. This likely supported bargain hunting and strengthened buying interest, although investors remain cautious about geopolitical and local economic developments,” Limlingan added.

A total of 4.122 billion shares, valued at P7.946 billion were traded. Advances led decliners, 106 to 78, and 69 issues were unchanged. — VDV, GMA News