Philippine stocks recovered on Friday from the more than 1-percent slump on Thursday, after US shares made a good showing.

Wall Street on late Friday (Manila time) was in the green with Dow Jones climbing by 0.60 percent, or 80.71 points to 13,471.20, while the Standard and Poor 500 improved by 0.76 percent, or 11.10 points to 1,472.12.

Jovis Vistan, research head of brokerage AB Capital Securities Inc., said in a phone interview that the market managed to make a rebound on the back of the good performance of the US market.

“The market making a rebound is in tandem with the US market,” he said.

Vistan added that even though the market corrected on Thursday, the market is still generally very bullish.

“It was just a healthy pullback . . . market really needs a correction but not a sharp one, because this might impose a negative impact,” he said.

For next week, Vistan said that the market “can still afford a healthy correction”.

The Philippine Stock Exchange index (PSEi) recovered on Friday, climbing slightly by 0.55 percent, or 33.18 points to 6,051.75, while the broader all-shares index inched up by 0.49 percent, or 18.44 points to 3,817.05.

The results for the sub-indices was also positive, with mining and oil surging 2.13 percent, or 440.37 points to 21,112.85, followed by the services counter, which rose 1.46 percent, or 25.93 points to 1,801.44.

The financials counter jumped 0.92 percent, or 14.40 points to 1,575.04, while industrial inched up by 0.78 percent, or 70.93 points to 9,218.46. Holding firms ended positively flat at 0.44 percent, or 23.73 points to 5,394.15. Property, on the other hand, fell 1.13 percent, or 26.84 points to 2,346.54. Advancers beat decliners, 116 to 52, while 42 shares were unchanged.

On Thursday, the PSEi fell 1.19 percent, or 72.61 points to 6,018.57, while the broader all-shares index went down by 0.96 percent, or 36.68 points to 3,798.61. Harry Liu, president of Summit Securities Inc., earlier said that the market was just going through a phase of consolidation.

“This short-term consolidation phase may last until the middle of next week,” he added.

Jun Calaycay, analyst at Accord Capital Equities Corp., also said that local share prices also treaded their own path, since despite a gain in the Dow overnight and a rather strong surge in markets across Asia, the PSEi caved in to selling pressure. This snapped six days of setting records since trading opened in 2013.