Philippine stocks rise on upbeat US data

MANILA, Philippines – Most local stocks slightly firmed up Friday, allowing the main-share index to climb back to 4,300, as investors found relief in fresh signs of improving US economy.

The main-share Philippine Stock Exchange index added 22.27 points or 0.52 percent to 4,304.94.  For the week, the index was up by 12.44 points.

Investors took heart from reports that weekly applications for US jobless insurance fell to a 3-1/2 year low. At the same time, they welcomed reports that manufacturing activity in New York state had climbed to the highest level since May, suggesting improved factory output in the US.

Overnight, the Dow Jones industrial average went up by 45.33 points or 0.38 percent to 11,868.81.

All counters ended higher for the day, led by the mining/oil counter which rose by 1.36 percent.

Value turnover for the day amounted to P5.63 billion. Advancers swamped decliners 93-49.

SM Investments, PLDT, Metro Pacific Investments, Cebu Air, First Gen, EDC, Ayala Corp., DMCI, Ayala Land, BPI and Philex led the main index higher. Puregold, Lepanto A (open only to local) and APC Group also traded higher in heavy turnout.

On the other hand, BDO, AGI and URC trimmed the gains of the main index. LR and Berjaya also traded lower.