Philippine share prices continued to rally Wednesday, closing above the 6,500 level, buoyed by investor confidence in the local economy.
However, the peso depreciated to 56.57 against the U.S. dollar Wednesday from 56.35 on Tuesday.The 30-company Philippine Stock Exchange index surged 70.74 points, or 1.1 percent, to 6,504.34. The broader all shares index also advanced 33.45 points, or 0.88 percent, to 3,817.62.
“This comes following the recently released economic figures which were deemed healthy, including the labor force survey, monthly integrated survey of selected industries, and bank lending data for the month of May,” said Japhet Tantiangco, research head at Philstocks Financial Inc.
Four of the sectoral indices ended in positive territory, led by services, which rose 2.52 percent, followed by property, which climbed 2.38 percent. Conversely, financials declined 0.77 percent, and mining and oil was down 0.05 percent.
Value turnover was strong, with net value turnover at P7.17 billion, higher than the year-to-date average of P5.79 billion.Foreign investors were net sellers, with net outflows at P220.66 million.Bloomberry Resorts Corp. was the day’s top index gainer, jumping 5.78 percent to P4.76. China Banking Corporation was the worst index performer, dropping 2.32 percent to P65.40.
Asian stocks were mixed Wednesday as investors assessed Donald Trump’s latest tariff threats, while keeping an eye on trade talks after the US president warned he would not again extend a deadline to reach deals.
Investors took in their stride news that Trump had sent letters to 14 countries outlining his new levies on expectations that most will hammer out an agreement before his new cut-off date of August 1.
But he caused rumbles on trading floors again Tuesday by announcing a 50 percent toll on copper imports and saying he was looking at 200 percent tariffs on pharmaceuticals.
The news sent the price of copper — used in a wide range of things including cars, construction and telecoms — to a record high Tuesday, though it edged down in Asian business.The measures would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, with autos and steel hit with taxes.
The president has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies. With AFP
