PH shares snap 5-day losing streak
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) snapped a 5-day losing streak on gains in SM Prime and Robinsons Land.
The PSEi was up 0.18%, closing at 5,214.52. Property stocks dominated Friday's trade.
Robinsons Land rose as much as 6% in early deals before it pared some of those gians to end up 3.8%.
SM Prime rose 3.9%, a day after its president Hans Sy said they're not giving up their bid for control of the Ortigas family's property holdings company.
Sy said Ayala Land can't claim it has won the battle despite forging a strategic partnership with one branch of the Ortigas family.
Ayala Land shares fell a quarter of a percent.
The PSE's rally was also in line with Asian markets that recovered on speculation policymakers will move to support global growth, after China reported Friday its economy slowed to a 3-year low in the second quarter and after Singapore said its economy shrank during the same period.
Meanwhile, the peso bounced back to the P41 to the dollar territory. It was stronger by 10 centavos at 41.98 to the dollar. - ANC