MANILA, Philippines - The benchmark index extended its climb for the fourth straight day, mirroring the gains in US and Asian markets.
The Philippine Stock Exchange index rose 0.52 percent or 31.11 points to 6,042.25, while the broader all shares index added 0.58 percent or 21.37 points to 3,677.30.
Local stocks tracked the improved performance of markets abroad. Wall Street advanced on Friday following a lower-than-expected 113,000 new jobs in the nonfarm sector, indicating a weakness in the labor market that might encourage the US Federal Reserve to keep its easy monetary policy.
Investors are hoping that new US Federal Reserve chair Janet Yellen who will testify before the House and Senate on Tuesday will reassure the market that the stimulus program will stay.
Most Asian markets closed higher anew, with Japan’s Nikkei 225 jumping 1.77 percent or 255.93 points to 14,718.34 on the back of weaker yen that bodes well for exporters. But Hong Kong’s Hang Seng index slightly fell yesterday due to lower share prices of Chinese banking and property firms prior to the release of several economic data late this week.
Locally, almost all counters were in the green, led by mining and oil that climbed 1.40 percent or 189.94 points to 13,741.22. But the property sector bucked the trend as it dropped 0.04 percent or 0.84 point to 2,287.12.
Most active stocks ended higher, led by top-traded Cosco Capital Inc. (+3.97 percent) while Universal Robina Corp. (+1.02 percent) and Ayala Corp. (+1.43 percent) also gained.