Stocks rebounded Thursday toward the 8,500-point mark, following record runs in Tokyo and Wall Street which bolstered Asian markets.
The Philippine Stock Exchange index, the 30-company benchmark, climbed 55 points, or 0.7 percent, to close at 8,487.37, as four of the six major sectors advanced.
The heavier index, representing all shares, also rose 26 points, or 0.5 percent, to settle at 4,950.47, on a value turnover of P7.9 billion. Gainers outnumbered losers, 102 to 97, while 49 issues were unchanged.
Thirteen of the 20 most active stocks ended in the green, led by Rizal Commercial Banking Corp. which jumped 5.6 percent to P60.50 and aviation company MacroAsia Corp. which gained 5.2 percent to P19.20.
Conglomerate Ayala Corp. rose 4.30 percent to P1,116.00, while Metropolitan Bank & Trust Co. added 2.6 percent to close at P92.00.
Meanwhile, the seemingly unending run of records on Wall Street continued to help Asian markets on Thursday, with Tokyo also buoyed by a weaker yen but Shanghai slipped after data showed China’s economic growth moderating.
Another positive day of earnings provided a base for the Dow and S&P 500 to clock up fresh all-time highs while US investors were also hopeful Donald Trump can succeed in pushing through his tax cut plans.
However, there was a sobering warning from his Treasury chief Steven Mnuchin who warned markets could suffer a sharp sell-off if lawmakers on Capitol Hill do not pass the measures.
Still, for now investors are happy to go buying. Tokyo ended 0.4 percent up at a 21-year high—and a 13th straight gain that marks its best run in 30 years.
The weaker yen was providing extra support, along with confidence in the global economy and expectations for a clear election win for Prime Minister Shinzo Abe on Sunday.
The Japanese currency was sitting above 113 to the dollar, boosting the country’s exporters. The greenback has been lifted by speculation that a fiscal hawk could take the helm at the Fed early next year.
Among other markets Sydney rose 0.1 percent and Singapore put on 0.6 percent while Wellington and Taipei also chalked up gains. Seoul slipped 0.4 percent.
But Hong Kong was down 0.4 percent in the afternoon following five days of gains and Shanghai slipped 0.3 percent after figures showed a slight dip in Chinese growth.
In early European trade London fell 0.3 percent, Paris dipped 0.2 percent and Frankfurt gave up 0.1 percent.
Beijing unveiled figures showing the world’s number two economy grew 6.8 percent in July-September, against 6.9 percent in both the previous two quarters but in line with forecasts.
However, while a tad weaker, the data points to stability in the economy after years of slowing growth and will likely be welcomed by the Communist Party as it holds its twice-a-decade congress to hand Xi Jinping another five-year term.
Thursday’s reading also indicated the economy was on course to beat the government’s annual target of about 6.5 percent.
“Relatively strong economic performance this year offers a good opportunity for the government to address several long-term economic issues,” Raymond Yeung, chief Greater China economist at Australia & New Zealand Banking Group in Hong Kong, wrote in a recent report. With AFP, Bloomberg