MANILA, Philippines – Local stocks extended their gains for a third straight day on Friday, overcoming a rough start, as investors shrugged off initial jitters caused by another strong earthquake that hit Japan Thursday night.
The main-share Philippine Stock Exchange index added 21.58 points or 0.51 percent to finish at the day’s high of 4,241.01. For the whole week, the index gained 111.47 points or about 2.7 percent from last Friday’s close.
The industrial, holding firms, property and services counters led the index higher and compensated for the slack by the financial and mining/oil counters.
Value turnover amounted to P4.64 billion. There were 66 advancers against outnumbered 51 decliners while 57 stocks were unchanged.
Index stocks AGI, Aboitiz Power, Metro Pacific Investments, SM Investments, EDC, ICTSI, First Gen, URC, Ayala Land, Globe Telecom, Ayala Corp., SM Prime and DMCI supported the day’s upwsing.
The decline by PLDT, Metrobank and Aboitiz Equity Ventures tempered the index gain.
There was likewise profit-taking on non-index stocks like Leisure & Resorts World and PNB.
Overnight, the Dow Jones Industrial Index was down by 17.26 points or 0.14 percent to 12,409.49 on the heels of reports about the new earthquake that struck Japan.