Stocks ended the week on a high Friday, tracking a strong lead from New York ahead of the release of US jobs data that will shape expectations for the timing of the Federal Reserve’s next interest-rate hike.
The Philippine Stock Exchange index, the 30-company benchmark, rose 49 points, or 0.7 percent, to close at 7,514.22 Friday. The bellwether was up 8.1 percent since the start of the year.
The broader all-share index also climbed 26 points, or 0.6 percent, to settle at 4,491.73, on a value turnover of P6.2 billion. Advancers led losers, 100 to 72, while 52 issues were unchanged.
Fourteen of the 20 most active stocks ended in the green, led by LT Group Inc., the holding company of tycoon Lucio Tan, which climbed 3.6 percent to P15.50. Universal Robina Corp., a food manufacturer, rose 2 percent to P199.90, while Aboitiz Equity Ventures Inc. added 1.9 percent to close at P77.90.
Meanwhile, most Asian stocks also traded higher Friday. With the start of June proving to be hard going, the focus is on Friday’s non-farm payrolls report from the Labor Department, which helps the Federal Reserve decide when to lift interest rates.
Expectations are high for a June or July hike after bank chair Janet Yellen last Friday said such a move could be justified “in the coming months,” citing continued US economic growth and a strengthening labour market.
US investors provided a perfect platform for their Asian counterparts with the S&P 500 ending at a seven-month high, with help from a rally in oil prices.
Tokyo ended up 0.5 percent and Shanghai also closed 0.5 percent higher, while Sydney gained 0.6 percent.
Hong Kong added 0.4 percent by the end while Singapore tacked on 0.4 percent in late exchanges.
The gains extended into Europe, where at the start of trade London climbed 0.6 percent, while Frankfurt and Paris each gained 0.3 percent. With AFP, Bloomberg