The stock market climbed Thursday near its all-time high following a fresh Wall Street record as traders are pumped up by strong corporate results and expectations of fresh stimulus.
The Philippine Stock Exchange Index rose 50.33 points, or 0.6 percent, to 8,102.30 on a value turnover of P10.4 billion. Losers, however, beat gainers, 118 to 78, with 48 issues unchanged. The index closed at an all-time high of 8,127.48 on April 10, 2015.
Metro Pacific Investments Corp., which is into toll roads, water and electricity distribution, and hospitals advanced 3.7 percent to P7.50, while SM Prime Holdings Inc. of retail tycoon Henry Sy gained 3.5 percent to P31.
Cement producer Cement Holdings Philippines Inc. surged 6.8 percent to P11.70 after listing its shares in the market Monday from an initial public offering price of P10.75. Megaworld Corp., the biggest lessor of office spaces, added 2 percent to P5.21.
The rest of Asian equities’ rally resumed Thursday with Tokyo again leading the pack following a report that Japan is planning a new, giant stimulus program.
Prime Minister Shinzo Abe is eyeing a package of at least 20 trillion yen—about double the size initially expected—to kickstart the economy from years of slumber and light a fire under torpid inflation, Kyodo News agency said.
The likelihood of more yen flooding financial markets sent the currency tumbling, which in turn boosted stocks, particularly exporters who benefit from a weaker unit.
The Nikkei ended 0.8 percent higher, with the dollar climbing to 107.22 yen from 106.87 yen in New York, and well up from the 100 yen levels seen before the US released blockbuster jobs data at the start of the month. The euro rose to 118.37 yen from 117.72 yen.
Other stock markets followed suit, with Hong Kong rising 0.5 percent to end above 22,000 for the first time since December 24.
Shanghai climbed 0.4 percent, Sydney added 0.4 percent and Wellington added 0.6 percent while Taipei was 0.5 percent higher. However, Seoul eased 0.2 percent.
The advances follow a positive lead from Wall Street, where the Dow and S&P 500 closed at all-time highs on the back of a string of upbeat earnings reports and outlooks from big-name firms such as Microsoft, Intel and Morgan Stanley. With AFP