Stocks rose Friday at the end of a volatile week dominated by the fallout from Britain’s European Union exit, with investors now turning their attention to the release of US jobs data.
The Philippine Stock Exchange index, the 30-company benchmark, picked up 18 points, or 0.2 percent, to close at 7,771.52. It was also up 11.8 percent since the start of the year.
The heavier index, representing all shares, also advanced 5 points, or 0.1 percent, to settle at 4,713.90, on a value turnover of P11.3 billion. Advancers outnumbered losers, 104 to 86, while 40 issues were unchanged.
Thirteen of the 20 most active stocks ended in the green, led by Now Corp. which climbed 6 percent to P3.90 and Bloomberry Resorts Corp. which rose 3 percent to P6.78.
Meanwhile, most Asian markets traded lower. The June non-farm payrolls figures from Washington will be pored over for clues about the Federal Reserve’s interest rate plans in light of the Brexit vote, following a surprisingly low reading in May.
They come after a week of losses in stocks around the world, after the head of the Bank of England said the risks of leaving the EU were “crystalizing” and British property investment funds suspended client withdrawals to prevent a run on them.
“While a strong June report is not going to ring alarm bells for an imminent rate hike, strong print tells the market that when the post-Brexit dust settles, the door will be open for the Fed to resume a path of interest rate normalisation,” said Stephen Innes, senior trader at Oanda Asia Pacific.
Tokyo fell 1.1 percent—a fourth-straight loss ahead of weekend elections to Japan’s upper house that are expected to see a win for Prime Minister Shinzo Abe’s party despite the country’s stuttering economy. With AFP, Bloomberg