The stock market extended a rally Thursday, on positive prospects on the economy and gains in Wall Street overnight.
The Philippine Stock Exchange Index added 16.28 points, or 0.2 percent, to 7,357.28 on a value turnover of P8.1 billion.
Puregold Price Club Inc. of tycoon Lucio Co. advanced 4.1 percent to P41. Puregold, the second largest grocery operator in the Philippines, plans to increase net sales by 12 percent to 15 percent in 2016, with the opening of more stores and acquisitions.
Megaworld Corp., the third-biggest property company, rose 1.2 percent to P4.13, while Aboitiz Power Corp. climbed 2.1 percent to P44.40.
Security Bank Corp., the fifth-lagest lender in terms of capital, retreated 1.1 percent to P189.30.
After Wednesday’s rally fuelled by rising oil prices and strong Chinese trade data, regional investors returned to trading floors to news that JP Morgan had posted forecast-beating first-quarter earnings.
The banking giant also said the US economy, the world’s biggest, was on a solid footing and dismissed the prospect it would go into recession this year. The news provided strong support for the financial sector, with all three main New York indexes ending more than one percent higher.
“The fact that investor appetite for the heavily weighted banking sector looks to be returning could help see an even stronger day,” Angus Nicholson, a markets analyst in Melbourne at IG Ltd., told clients.
Hong Kong was up 0.9 percent while Shanghai ended 0.5 percent higher. Sydney climbed 1.3 percent and Seoul shot up 1.8 percent.
Tokyo led the gains, with the Nikkei flying 3.2 percent. Japanese exporters were the big beneficiaries of another drop in the yen against the dollar. But in early European trade London dipped 0.3 percent, Frankfurt added 0.2 percent and Paris was down 0.1 percent. With AFP