Philippine stocks hit new high on optimism on Q2 profit

MANILA, Philippines—Local stocks broke into a new record high on Friday as optimism on second quarter corporate reporting season overshadowed offshore uncertainties.

The main-share Philippine Stock Exchange index added 35.19 points or 0.79 percent to finish at 4,458.74.

All counters gained ground but the financial counter benefited the most, rising by 1 percent.

Value turnover was high at P6 billion. There were 111 gainers as against 43 decliners while 36 stocks were unchanged.

Banking stocks Metrobank and Banco de Oro led the index upswing. First Gen, SM Investments, ICTSI and URC also helped perked up the PSEi.

Interest has also spilled over to more non-index stocks. For instance, Chemrez, Empire East, Lodestar, East Asia, Semirara and MRC Allied gained in heavy trade.