PH Shares Snap 5-Day Losing Streak, PSEi Reclaims 5,800 Level on Bargain Hunting and Fuel Price Hopes

Philippine share prices closed in the green on Friday, snapping a five-day losing streak as investors hunted for bargains following a week-long decline in stock prices. The local stock barometer, the Philippine Stock Exchange index (PSEi), gained 95.95 points or 1.67% to 5,825.97 at the closing bell. The broader All Shares likewise grew by 35.49 points or 1.11% to 3,246.21. “The local index ended higher, snapping a five-day losing streak as bargain hunting lifted the index back above the 5,800 level,” said Luis Limlingan, head of sales at Regina Capital Development Corp. Limlingan added that market sentiment also improved following expectations that local gas prices could decline next week, easing some cost pressures. Industry estimates showed that pump prices might roll back big-time next week, with reductions up to P7.50 per liter for diesel and up to P1.00 per liter for gasoline. “Sentiment was further supported by reports that US and Iranian negotiators are exploring a phased deal that could see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports,” Limlingan said. More than 4.059 billion shares, valued at P8.72 billion, changed hands. Advancers led decliners, 106 to 70, and 65 issues were unchanged. —AOL, GMA News