Stocks climbed to a nine-month high Friday, after the camp of incoming president Rodrigo Duterte unveiled an eight-point economic agenda that will keep most current economic policies and companies reported strong first-quarter profits.
The Philippine Stock Exchange index, the 30-company benchmark, climbed 111 points, or 1.5 percent, to close at 7,436.79 Friday, the highest level since it settled at 7,439.80 on Aug. 13, 2015. The bellwether was also up 7 percent since the start of the year.
The heavier index, representing all shares, also advanced 57 points, or 1.3 percent, to finish at 4,412.26, on a value turnover of P12.9 billion. Advancers led losers, 112 to 78, while 49 issues were unchanged.
Fifteen of the 20 most active stocks ended in the green, led by DoubleDragon Properties Corp., which climbed 13.4 percent to P49. Security Bank Corp. rose 5.8 percent to P190.50, while conglomerate Ayala Corp. gained 5.3 percent to P828. Metropolitan Bank & Trust Co. added 5.2 percent to close at P87.
Meanwhile, Asian stocks ended a choppy week with more losses Friday following a negative lead from New York and Europe, with Apple suppliers taking a hit after the tech giant’s shares tumbled in US trade.
Oil prices also retreated after hitting new six-month highs on a prediction from the International Energy Agency that a global supply glut would ease in the second half of 2016.
Tokyo finished 1.4 percent lower after a disappointing earnings season and as the yen edged higher despite the Bank of Japan’s chief repeated a pledge that he was ready to unleash more stimulus measures to boost the sagging economy.
The greenback was trading at 108.83 yen in the afternoon, against 109.00 yen on Thursday in New York. With AFP, Bloomberg