Philippine stocks rose for the second straight day to close above 6,600 level on continued bargain-hunting.
The 30-company Philippine Stock Exchange index ended the week at 6,603.81, up 53.42 points, or 0.82 percent, from Thursday. The wider all-shares closed at 3,785.48, up by 30.38 points or 0.81 percent.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the market rose after reports showed a robust local manufacturing data that matched the pre-pandemic high level, which could be a positive indicator for strong economic growth.
The PSEi also went up despite the recent downward correction in the US stock markets. In the first week of 2025, the PSEi gained 75.02 points, or 1.1 percent, from last week.
Analysts said the PSEi might retest the 6,700 level next week.
All sectors ended in the positive territory. Financials gained the most, rising 1.42 percent, followed by property with rose 1.02 percent and holding firms which went up 0.98 percent.
Value turnover remained anemic at P3.6 billion as fund managers are still on extended holiday. Advancers edged out decliners, 126 to 84, while 46 names were unchanged.
The peso closed at 58.2 against the US dollar Friday, down from 57.91 Thursday. The dollar index on Thursday hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others.
Among major stocks, Ayala Land Inc. climbed 2.08 percent to P26.95, Monde Nissin Corp. dropped 2.33 percent to P8.40.
Asian markets also gained Friday, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday.
Hong Kong, Sydney and Taipei climbed, while Seoul surged nearly two percent higher despite deepening political uncertainty in Asia’s fourth-largest economy.
South Korean investigators abandoned their attempt to arrest impeached President Yoon Suk Yeol at his residence on Friday over his failed martial law bid, citing safety concerns after a standoff with his security team.
US stocks opened higher on Thursday after the New Year’s break but tumbled into the red mid-session before concluding the day modestly lower.
The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 percent after fourth-quarter auto sales lagged expectations. With AFP
