Signs of Japanese recovery lift Philippine stocks

SIGNS of recovery at the world’s second-biggest economy led Asian stock markets higher on Friday.

At the Philippine Stock Exchange, the composite index increased by 0.412 percent, or 12.49 points to 3,043.75.

The all-shares index likewise rose by 0.642 percent, or 12.38 points to 1,928.34.

Trading value returned to its normal daily average, reaching P2.749 billion amid trading volume of 975.9 million.

Gainers outpaced losers, 79 to 44 while 50 counters were unchanged.

Four sectoral indices increased, namely the financial, property, services, and mining and oil sectors. The holding firms index was the lone decliner.

Asian share prices went up on Friday after Japan reported that its factory output rose 2.5 percent in January from the previous month.

At the Philippine Dealing System, the peso moved sideways on Friday amid news of a possible collapse of the pound as a result of a potential downgrade of the United Kingdom, traders said.

“The peso is likely to break in the downside toward 45.80 next month,” a currency trader said.

The Philippine currency closed at 46.13 against the US dollar from 46.28 the previous day. It opened at 46.20 and traded to a high of 46.20 and a low of 46.12, with trading volume at $370.98 million.

Traders said the peso is likely to trade between 45.80 and 46.80 next week.  — Maricel E. Burgonio  and Lailany P. Gomez, Manila Times