Philippine shares advanced Friday on bargain-hunting in select stocks on expectation of strong first-quarter coorporate earnings.
The benchmark 30-company Philippine Stock Exchange Index rose 16.70 points, or 0.5 percent, at 3,254.76, after shedding 1.7 percent Thursday.
Top traded Philippine Long Distance Telephone Co. gained 0.6 percent at 2,515 pesos, while Bank of the Philippine Islands was higher by 3.1 percent at 66 pesos.
"The China jitter failed to infect us. Given our two-day respite, it seems like investors were able to notice some bargains," said First Grade Holdings analyst Astro del Castillo.
Advancers led decliners 74 to 34, while 65 stocks were unchanged.
The peso hit a fresh six-year high against the U.S. dollar Friday after the central bank adopted measures to curb rapid money supply growth, which traders said would further boost the local currency.
The dollar closed at 47.51 pesos, down from 47.725 pesos Thursday.
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