The stock market rose Friday on better economic prospects forecast by the Asian Development Bank on the Philippines, ignoring losses in the rest of Asia.
The Philippine Stock Exchange Index added 18.43 points, or 0.2 percent, to 7,583.75 on a value turnover of P9.7 billion. Gainers beat losers, 93 to 80, with 63 issues unchanged.
The ADB on Thursday said gross domestic product growth was expected to accelerate to 6.6 percent in 2018 from 6.4 percent this year or once the government expanded public infrastructure investment.
“The Philippines is in a sweet spot for economic growth. The biggest contributor to growth is investment, both public and private, exceeding the growth contribution from consumption,” ADB country director Richard Bolt said.
Megaworld Corp., the biggest lessor of office spaces, surged 6.2 percent to P3.94. The company registered a net profit of P11.63 billion in 2016, up 12 percent from P10.39 billion in 2015, led by a double-digit growth in rental revenues.
Jollibee Foods Corp., the largest fastfood chain, advanced 5.2 percent to P210.40, while GT Capital Holdings Inc. of tycoon George Ty gained 2.7 percent to P1,173.
JG Summit Holdings Inc. of industrialist John Gokongwei rose 2.1 percent to P80.55.
Asian energy shares, meanwhile, rallied with oil prices Friday after the US launched missile strikes on Syria, fanning geopolitical concerns in the crude-rich Middle East and raising the prospect of friction with Russia.
Eyes are also on Florida as Chinese President Xi Jinping and Donald Trump move into day two of a relationship-building summit, which comes after months of accusations by the US tycoon that Beijing was killing US jobs and manipulating its currency.
Trump ordered a huge assault on the Shayrat Airfield in Syria in retaliation for a chemical attack with a sarin-like nerve agent that Washington blamed on President Bashar al-Assad.
The attack came just hours after Russia warned that there could be “negative consequences” if the US took military action against Syria, which it is backing in a civil war.
The news sent stocks, which had been mostly in the black, into reverse and safe-haven assets such as the yen and gold soaring. Oil prices initially surged two percent.
The news dragged on the majority of Asia’s stock markets, with Seoul closing down 0.1 percent, Hong Kong 0.6 percent down in the afternoon and Singapore off 0.5 percent. Wellington, Taipei, Jakarta and Bangkok were also in the red.
However, Tokyo ended 0.4 percent up despite a soaring yen, which was sitting at lows not seen since November.
Shanghai added 0.2 percent and Sydney ended up 0.1 percent.
Gold, which along with the yen is considered a safe bet in times of turmoil and uncertainty, also jumped more than one percent to $1,266.
Oil prices, which had been lower in early morning trade, jumped as the attacks led to concerns about supplies in the Middle East. However, the gains were pared in the afternoon and both main contracts were a little more than one percent higher.
“Syria is not a big oil producer but it does potentially increase the risk of escalation in the whole region,” Ric Spooner, chief market analyst at CMC Markets in Sydney, told Bloomberg News. “We’re seeing a risk response to the airstrike.”