The local stock market rose Friday, after a two-day decline on bargain-hunting.The broader all-shares index added 9.52 points, or 0.25 percent, to reach 3,742.81.
Data from the Bankers Association of the Philippines showed that the peso closed at 56.11 against the US dollar Friday, up from 56.28 on Thursday. Philstocks Financial Inc. research head Japhet Tantiangco said the easing recession concerns in the US brought about by the decline in initial jobless data claims and the revised second-quarter gross domestic product growth also gave the local market a boost.Foreign investors, however, turned net sellers with total net outflows reaching P306.25 million.
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