Main stock index up 2.6%
Philippine Daily Inquirer
Prospects of a sustained monetary stimulus by the US Federal Reserve boosted the main-share stock index beyond the 6,500 barrier Friday.
The Philippine Stock Exchange index (PSEi) rallied 2.6 percent or 166.85 points to close at 6,574.21, rising for a second day following an upbeat overnight trading in Wall Street.
Joseph Roxas, president of local stockbrokerage Eagle Equities Inc., said the news from the United States was the biggest catalyst for the day. “(US) jobless claims at a two-month high are indicating that the economy is not quite so good, thus entailing more stimulus,” Roxas said.
On Thursday, the Dow Jones industrial index surged 1.11 percent to 15,460.92. Across the Asian region, however, trading was mixed as economic concerns in China tempered risk-taking.
The day’s biggest gainer was the holding firm counter (+3.37 percent). Rosy prospects for the Philippine economy against a backdrop of slower global expansion also helped boost investor appetite.
Value turnover for the day amounted to P7.8 billion. There were 111 advancers that overwhelmed 50 decliners in the market while 39 stocks were unchanged.
The day’s top index gainers were Metrobank, Bloomberry, SMIC, FGEN, RLC, AEV and AC, which all surged more than 4 percent. SM Prime, JFC and MPI also gained more than 3 percent. Doris C. Dumlao