The 30-company Philippine Stock Exchange index rose 30.05 points, or 0.49 percent, to close at 6,172.86, while the broader all-shares index picked up 8.20 points, or 0.25 percent, to settle at 3,325.15.
Equities have come under pressure in recent weeks on bets that the US central bank will need to stick with its tightening bias well into next year as prices remain well above target, while the economy and labor market remain in rude health. The prospect of higher rates — and fewer cuts than hoped next year — dented sentiment on trading floors, and dragged all three main US indexes into the red Friday.
“Sentiment still remains fragile with higher-for-longer messages reverberating through the markets,” said Redmond Wong at Saxo Capital Markets.
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