The stock market slipped Friday, ignoring the gains in the region and favorable domestic economic data showing exports rebounding 4.5 percent in December and factory output jumping 23 percent in the same month.
The Philippine Stock Exchange Index lost 17.45 points, or 0.2 percent, to 7,235.21 on a value turnover of P7.2 billion. Losers beat gainers, 114 to 81, with 40 issues unchanged.
Merchandise exports rebounded 4.5 percent in December to $4.871 billion, led by agro-based and petroleum and mineral products and manufactured goods, the Philippine Statistics Authority said Friday.
Factory output, meanwhile, surged 23 percent in December 2016, the highest in 11 months.
Cemex Holdings Philippines Inc. tumbled 9.7 percent to P10.10 after reporting a loss in the fourth quarter on lower sales volume, while GT Capital Holdings Inc. of tycoon George Ty fell 2.3 percent to P1,251.
SM Investments Corp. of retail tycoon Henry Sy Sr. declined 1.9 percent to P671, while Universal Robina Corp., the biggest snack food maker, gained 2.5 percent to P163 to buck the trend.
The dollar, meanwhile, extended a rally on Friday after Donald Trump said he would release details of a “phenomenal” tax-cut plan, sending the rest of Asian stock markets soaring on hopes it will ramp up the US economy.
Japan’s Nikkei index led the regional advance, piling on more than two percent, as the yen sank, while a forecast-busting trade report from China also lifted spirits in Hong Kong and Shanghai.
World markets surged in the two months after Trump’s November election, buoyed by his promises to slash taxes, hike infrastructure spending and cut red tape to fan economic growth.
But the three weeks since he took office have been consumed with a series of controversial measures and outbursts on trade that had left dealers worried his domestic agenda had been put on the back burner.
The news sent a rocket through Wall Street, where all three main indexes ended at record levels, and the dollar powered higher.
On equity markets the Nikkei ended up 2.5 percent.
“In the end, policies pushed forward by Trump, including tax cuts and infrastructure investment, should be positive for Japanese companies,” said Nobuyuki Fujimoto, a senior market analyst at SBI Securities.
Hong Kong added 0.4 percent in the afternoon and Shanghai closed up 0.4 percent after news China’s exports and imports surged more than expected in January thanks to a pick-up in the world’s number two economy, improving global manufacturing and stronger commodity prices.
Sydney rallied one percent, Seoul 0.5 percent and Singapore put on 0.7 percent.
Taipei, Bangkok and Jakarta were also higher.
Gains continued with the greenback buying 113.75 yen on Friday, compared with 112.67 yen in New York and 112.00 yen in Asia earlier Thursday.
It also rose against higher-yielding Asia-Pacific currencies, with South Korea’s won losing 0.4 percent, Australia’s dollar down 0.1 percent and the Indonesian rupiah also losing 0.1 percent. Malaysia’s ringgit, the Singapore dollar and the New Zealand dollar were also well down. With AFP