posted June 17, 2016 at 11:20 pm by
The Standard Business
[thestandard.com.ph]
Stocks rose for a third day, sending the
benchmark index above the 7,600-point level, following overnight gains on Wall
Street and the suspension of campaigning for Britain’s EU vote.
The Philippine Stock Exchange index, the
30-company bellwether, gained 57 points, or 0.8 percent, to close at 7,622.07
Friday. It was also up 9.6 percent since
the start of the year.
The heavier index, representing all
shares, also advanced 32 points, or 0.7 percent, to settle at 4,549.27, on
value turnover of P10.8 billion. Advancers outnumbered losers, 114 to 68, while
54 issues were unchanged.
Thirteen of the 20 most active stocks
ended in the green, led by Melco Crown (Philippines) Resorts Corp. which jumped
14.2 percent to P2.97. Universal Robina
Corp. climbed 3.3 percent to P207, while BDO Unibank Inc. went up by 2.5
percent to P108.70.
Meanwhile, Asian stocks rose with European equity index futures and
the pound strengthened after the murder of a UK lawmaker prompted speculation
Britons will be less inclined to vote to leave the European Union. Sovereign
bonds fell as demand for haven assets cooled.
Markets plunged Thursday as investors
grow increasingly concerned that one of the European Union’s big three
economies will break away after next week’s poll, which many warn could
precipitate a global rout.
Japan’s refusal to ramp up its stimulus
in the face of torpid growth at home also dragged on sentiment.
But after five straight days of losses,
New York’s three main indexes saw modest gains, which provided some incentive
for Asian investors.
Tokyo was up 1.1 percent, having plunged
more than three percent Thursday, while Hong Kong was 0.4 percent higher in the
afternoon and Shanghai ended 0.4 percent up.
Sydney added 0.3 percent, Seoul put on
0.1 percent and Taipei and Manila also piled healthy gains. With AFP, Bloomberg
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