Philippine stocks rose, while the peso fell on the first trading day of 2025 amid thin trading as most investors were still on holiday mode.
The peso closed at 57.91 against the US dollar on Thursday, after a long holiday break, down from 57.84 on Dec. 27, 2024.
The Philippine Stock Exchange index climbed 21.60 points, or 0.33 percent, to close at 6,550.39, while the broader all-shares index gained 6.59 points, or 0.18 percent, to reach 3,755.61.
Four of the six indices ended in the red. Mining and oil went down by 1.74 percent, holding firms by 0.33 percent, industrial by 0.18 percent and property by 0.03 percent. Financials rose by 1.69 percent and services by 0.84 percent.
Value turnover stood at P3.24 billion. There were 94 gainers versus 97 decliners, while 47 names were unchanged.
International Container Terminal Services Inc. advanced 3.37 percent to P399, while SM Prime Holdings Inc. declined 0.60 percent to P25.
Philippine Stock Exchange president and chief executive Ramon Monzon expressed optimism about the stock market’s performance for 2025.
“At the PSE, we are always optimistic and hopeful and this year is no exception. We look forward to a more robust trading year and better capital raising performance,” said Monzon.
“Our team will continue to work towards ticking off more items in our three-year strategic plan, which are initiatives that will contribute to the development of the local capital market and help us catch up with our peers in the region,” he said.
Meanwhile, Asian stocks began 2025 mostly in the red on Thursday after worries about US interest rates, tariffs, and China’s economy gave Wall Street the holiday blues for a fourth straight session.
Equities mostly had a bumper 2024 on the back of enthusiasm about artificial intelligence (AI), cuts in borrowing costs by central banks, and Donald Trump’s presidential election win.
The Dow ended the year up around 13 percent, while the S&P 500 and the Nasdaq — which have more tech stocks — climbed over 23 percent and around 29 percent respectively.
Germany’s DAX added almost 20 percent, as did Japan’s Nikkei. The FTSE 100 gained nearly six percent, and France’s CAC 40 was the outlier, falling 2.2 percent.
Bitcoin exploded more than 120 percent to break $100,000 while fellow cryptocurrency Ethereum rose over 40 percent. Gold, coffee and cocoa set new records.
“It was an exceptional year,” said Christopher Dembik, senior investment adviser at Pictet Asset Management.
But ahead of the New Year’s Day holiday, US stocks sank Tuesday, although European equities advanced.
The Dow Jones lost 0.1 percent, the S&P 500 declined 0.4 percent and the Nasdaq gave up 0.9 percent.
On Thursday, shares in Hong Kong and China fell more than two percent. Tokyo remains closed until Monday.
Shares in Sydney edged up, helped by US equity futures pointing higher.
Seoul ended largely unmoved with political uncertainty continuing to grip South Korea, as impeached President Yoon Suk Yeol remained defiantly inside his residence, resisting arrest for a third day.
“The Republic of Korea is currently in danger due to internal and external forces threatening its sovereignty, and the activities of anti-state elements,” Yoon said in a statement.
In Japan, Nippon Steel was not available for comment after it reportedly sent new proposals to the White House to try to save its takeover of US Steel.
US Steel shares soared as much as 14 percent on Tuesday in New York after reports in the Washington Post and elsewhere. With AFP
