Stocks rose for a second day, defying the downtrend in other Asian markets, as investors placed their bets on companies that are expected to report strong second-quarter profits.
The Philippine Stock Exchange index, the 30-company benchmark, gained 18 points, or 0.2 percent, to close at 7,952.92, as five of the six major sectors advanced.
The heavier index, representing all shares, also rose 2 points, or 0.1 percent to settle at 4,755.68, on a value turnover of P6.5 billion. Gainers outnumbered losers, 104 to 94, while 57 issues were unchanged.
Thirteen of the 20 most active stocks ended in the green, led by Metro Retail Stores Group Inc. which jumped 6.7 percent to P4.32 and Metro Pacific Investments Corp. which climbed 3.6 percent to P6.95. SSI Group Inc. rose 3 percent to P4.80.
Meanwhile, several Asian equities fell for the first time in seven sessions, led by declines in bank stocks as US lenders reported trading results that disappointed some analysts, damping sentiment for their counterparts in Asia.
Most equities markets staged a recovery from early big losses but trading floors remain subdued, with few catalysts driving business.
Tokyo’s Nikkei ended 0.6 percent lower, with the strong yen dragging on Japanese exporters. The market was closed for a holiday Monday.
Sydney fell 1.2 percent and Hong Kong was 0.1 percent down in the afternoon after a six-day rally.
But Singapore rose 0.1 percent and Seoul closed marginally higher, while Wellington and Taipei all rose.
Shanghai rose 0.4 percent after the previous day’s sharp losses which had been fuelled by concerns over a crackdown aimed at tackling a debt problem.
In early European trade London and Paris each fell 0.2 percent while Frankfurt was off 0.3 percent.
“We’ve had a series of not so positive US economic data,” said Toshihiko Matsuno, a senior strategist at SMBC Friend Securities.
The dollar weakened to 112.08 yen from 113.30 yen in Tokyo on Friday. A strong yen erodes Japanese companies’ repatriated profits and often drags the Tokyo stock market down. With AFP, Bloomberg