The stock market rose Tuesday in late trading as investors picked up select blue chip stocks and speculative issues, ignoring losses in the rest of Asia.
The Philippine Stock Exchange Index added 12.48 points, or 0.1 percent, to 8,722.70 on a value turnover of P7.8 billion. Losers, however, beat gainers, 116 to 95, with 53 issues unchanged.
Now Corp., bidding to become the country’s third major telecommunications company, jumped 29 percent to P14.58, while PXP Energy Corp., a unit of Philex Mining Corp., advanced 4.6 percent to P15.14.
PLDT Inc., the biggest telecommunications firm, gained 2.6 percent to P1,596, while GT Capital Holdings Inc. of tycoon George Ty climbed 2.3 percent to P1,360.
The rest of Asian markets dipped Tuesday as holiday closures saw muted activity in Europe at the start of the week, with investors searching for trading leads.
Tokyo fell just over one percent, snapping a three-day winning streak as investors locked in profits after the recent gains.
Hong Kong was flat in a muted return to trading after the Lunar New Year holiday marking the Year of the Dog.
Monday’s closures in the US and Canadian markets “crimped activity,” said Stephen Innes, an analyst at OANDA.
“And adding to the void, there was scant data during European hours which severely nipped action as traders had few if any fundamental guideposts,” Innes added.
In currency markets, the euro-dollar was trading in a narrow range while the yen slipped against the greenback and the euro in Asian trade, but still remained at a high level.
“The positive move seen in the domestic equity market appears to have been the driver for the softer yen,” Rodrigo Catril, senior strategist at National Australia Bank, said in a note to clients.
“That said, given the sharp decline in USD/JPY over the past week, (it) is not that surprising to see the currency stage a small rebound,” he said.
A stronger yen is negative for Japanese exporters as it erodes their profits when repatriated.
Elsewhere in Asia, Seoul shed 1.13 percent, while Jakarta lost 0.70 percent and Singapore 0.30 percent. Markets in mainland China remained shut for the Lunar New Year holiday.
The subdued return to trading came after world markets were roiled in recent weeks by a degree of volatility not seen in years, fraying investor nerves.
Automakers dropped, with Toyota down 1.19 percent at 7,291 yen and Honda off 1.71 percent at 3,785 yen.
In Hong Kong, banking giant HSBC announced it more than doubled pre-tax profit to $17.2 billion in 2017 after a drive to slash costs.
But analysts said that although the bank had bounced back after restructuring and a string of financial scandals, it missed some profit forecasts.
Shares in HSBC fell in afternoon trading, losing 2.09 percent to HK$81.8 after the announcement.
In commodity trading, oil markets showed cautious optimism after starting the week on a positive note.
“Convincing signals from Opec and their partners to extend production cuts continue to resonate with investors,” analyst Innes said. With AFP
