Stocks rebound on bargain-hunting after GDP rout

Philippine shares bounced back after bargain-hunters returned to the market late Friday, days after the market started getting dragged by speculation about a US interest rate hike as well as domestic factors such as Thursday’s announcement that economic growth has hit its slowest pace in more than three years in the first quarter of 2015.

The Philippine Stock Exchange index (PSEi) closed with a 1.005 percent or 75.43 points gain at 7,580.46, while the All-Shares index inched up 0.83 percent or 36.02 points to 4,360.81.