Philippine stocks started December trading on a positive note amid the drop in oil prices.
The Philippine Stock Exchange index rose 21.45 points, or 0.34 percent, to close at 6,245.18 Friday, while the broader all-shares index inched up by 4.39 points, or 0.13 percent, to settle at 3,332.22.
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Luis Limlingan, head of sales from Regina Capital Development Corp., said oil prices declined despite the latest extension of production cuts by OPEC+ producers in an attempt to boost the market.
“Oil declined Thursday, erasing early gains as traders grew more convinced that OPEC+, a group composed of OPEC plus oil producing allies, will not deliver on promised output cuts,” Limlingan said.
