Philippine stocks rose for fifth straight trading day, while the peso closed at 57.20 against the US dollar Friday despite the decline in US and most Asian stocks.
The Philippine Stock Exchange index ended the week at 6,298.29, up by 78.33 points or 1.26 percent from the previous trading. The broader all-shares index also picked up 25.10 points, or 0.68 percent, to finish at 3,724.20.
“The local market extended gains to a fifth day as investors continue to cheer the Philippines’ inflation slowdown and its positive implications to household consumption and to the Bangko Sentral ng Pilipinas’ policy easing prospects,” Philstocks Financial Inc. research head Japhet Tantiangco said.
The peso also sustained its climb from 57.32 a dollar Thursday.
All PSE sectoral indices ended in the green, except for property which closed flat. Services rose 4.4 percent, followed by financials which advanced 1.05 percent. Holding firms rose 0.24 percent, while industrial inched up 0.07 percent.
Value turnover reached P6.33 billion. Foreign investors were net buyers, with net inflows reaching P158.85 million.
International Container Terminal Services Inc. was the top index gainer, rising 8.15 percent to P385, while GT Capital Holdings Inc. declined 2.5 percent to P525.50.