MANILA, Philippines - Share prices at the local bourse rebounded on Friday as investors picked up select stocks.
Traders said the upbeat sentiment was supported by the release of better-than-expected manufacturing data in China as this perked up outlook on global economic recovery.
By the end of trading, the benchmark Philippine Stock Exchange index rose 0.29% or 11.89 points to 4,111.99.
The broader all-share index was up 10.30 points or 0.4% at 2,585.61.
Gainers beat losers, 94 to 40, while 38 issues were unchanged.
A total of 1.53 billion shares worth P4.14 billion were traded.
Philippine Long Distance Telephone Co. was the most actively traded stock by value as it lost 0.8% to P2,596 apiece. This despite the 1% rise in its American Depositary Receipts.
Second most active was SM Investments Corp., which fell 6.5% to P533 after closing at a fresh all-time high of P570 the previous session.
In the meantime, Energy Development Corp. gained 1% to P6.15 after it disclosed that its unit, Green Core Geothermal, inked a power supply deal with electric cooperatives of Iloilo, Aklan and Capiz.