The Philippine Stock Exchange index (PSEi) staged a recovery on Friday, October 9, returning to the 5,700 level as investors took advantage of lower stock prices.

The benchmark index gained 90.60 points, or 1.61 percent, to close at 5,700.99, recovering from Thursday’s close of 5,610.39, the third highest closing, despite the fluctuating trading week.

The index began the week on a positive note on Monday, October 5, closing at 5,743.21, up 114.18 points from the previous Friday’s finish of 5,629.03.

However, the gains proved difficult to sustain. On Tuesday, October 6, the PSEi dropped 66.09 points, or 1.15 percent, to 5,677.12 before recovering 59.57 points to close at 5,736.69 on Wednesday, October 7.

Selling pressure returned on Thursday, October 8, dragging the benchmark index down by 126.30 points, or 2.20 percent, to 5,610.39, its lowest closing level of the week.

Regina Capital’s Luis Limlingan, in a report by the theInquirer, attributed Friday’s recovery to renewed market buying and bargain hunting following the market’s recent losses.

All sectoral indices end higher

The market’s recovery extended across all sectoral indices, with the Mining and Oil sector leading the gains.

The Mining and Oil index advanced 524.31 points, or approximately 2.80 percent, to close at 19,271.25. The Services index followed, climbing 2.36 percent to 3,032.37, while the Industrial index rose 168.99 points, or 2.33 percent, to 7,434.06.

The Financial index gained 26.20 points, or 1.50 percent, to finish at 1,772.10. Meanwhile, the broader All Shares index advanced 1.47 percent to 3,191.85.

The Property index also ended in positive territory, increasing 0.79 percent to 1,757.41, while the Holding Firms index rose 25.69 points, or 0.61 percent, to close at 4,206.15.

Advancers outnumber decliners

The local market favored advancers, with 120 posting gains against 57 decliners, while 62 issues remained unchanged.

Total trading volume reached 630.34 million shares, with a corresponding market value of approximately ₱7.82 billion.

Harbor Star Shipping Services, Inc. (TUGS) led the advancers, surging 15.50 percent to ₱1.49 per share. Figaro Culinary Group, Inc. (FCG) followed with a 14.93 percent increase to ₱0.77, while Metro Alliance Holdings & Equities Corp. (MAH) climbed 14.04 percent to ₱0.65.

On the losing side, Pacifica Holdings, Inc. (PA) recorded the steepest decline, falling 15.38 percent to ₱1.10 per share. Prime Media Holdings, Inc. (PRIM) dropped 10.58 percent to ₱0.93, while Alliance Select Foods International, Inc. (FOOD) slipped 7.53 percent to ₱0.43.

Friday’s gains offered some relief to investors after Thursday’s sharp sell-off. However, with the PSEi ending the week below Monday’s closing level, the rebound has yet to fully reverse the market’s earlier losses.