spot_img
29.7 C
Philippines
Tuesday, April 23, 2024

Stocks up; Cebu Air advances

- Advertisement -

The stock market rose Monday in step with the rest of Asia, tracking a strong lead from Wall Street where markets rallied in the wake of strong US jobs data.

The Philippine Stock Exchange Index gained 23.23 points, or 0.3 percent, to 7,993.58 on a value turnover of nearly P7 billion. Losers, however, beat gainers, 100 to 90, 53 issues unchanged.

Cebu Air Inc., the airline unit of industrialist John Gokongwei, advanced 3.4 percent to P118.90, on weak oil prices, while Megaworld Corp., the biggest lessor of office spaces, climbed 3.7 percent to P5.38.

Metropolitan Bank & Trust Co., the second-biggest lender in terms of assets, rallied 3.1 percent to P93.95.

PLDT Inc., the largest telecommunications firm, dropped 1.9 percent to P1,903. 

- Advertisement -

Meanwhile, China markets rose despite figures showing that imports and exports both slumped in July in dollar terms—the latest poor figures from the world’s second-largest economy.

Both the US and Europe got a lift Friday after Washington reported a big gain in jobs in July and upgraded employment estimates for the previous two months, boosting the chances of a Federal Reserve interest rate rise this year.

The report saw the dollar rise against the yen—a positive for Japanese exporters as a weaker yen inflates the value of their overseas profits.

Oil was also up slightly in Asia after slumping into a so-called bear market last week—losing 20 percent from recent June peaks above $50, and closing below $40 a barrel for the first time since April.

“The US economy has returned to its job-creating best, judging from the non-farm payrolls data released on Friday night. In response to the strength in employment, US shares hit all-time highs, industrial commodities rallied and gold and bonds fell,” Michael McCarthy, chief market strategist at CMC Markets, said in a commentary.

The US Labor Department said the world’s top economy added 255,000 jobs in July, easily topping analyst forecasts for an increase of 185,000.

The figures helped markets shrug off some lackluster US data of late, including a report a week ago that estimated second-quarter growth at just 1.2 percent.

The broad-based S&P 500 and the tech-rich Nasdaq ended at all-time highs.

Asia stocks followed suit, with Tokyo rising 2.4 percent by the close while Hong Kong jumped 1.4 percent in afternoon trading. Sydney closed up 0.7 percent and Singapore put on 1.7 percent.

Seoul, Taipei and Jakarta were also higher, while Bangkok climbed 1.2 percent after Thai voters over the weekend approved a junta-scripted constitution. The baht rose 0.4 percent against the greenback. With AFP

- Advertisement -

LATEST NEWS

Popular Articles