The stock market rose Thursday after another record close on Wall Street overnight, with the Philippine Stock Exchange Index inching closer to the 8,000-point mark.
The PSEi added 12.12 points, or 0.2 percent, to a year-high of 7,956.14 on a value turnover of P8.2 billion. Gainers beat losers, 121 to 73, with 48 issues unchanged. The PSEi closed at an all-time high of 8,127.48 on April 10, 2015.
GT Capital Holdings Inc. of tycoon George Ty climbed 1.3 percent to P1,530, while Alliance Global Group Inc. of tycoon Andrew Tan advanced 2.6 percent to P16. Megaworld Corp., the biggest lessor of office spaces and a unit of Alliance Global, gained 1.4 percent to P5.07.
Philex Petroleum Corp. retreated 13 percent to P4.68, while parent Metro Pacific Investments Corp. fell 2.1 percent to P7.15.
Japanese stocks, meanwhile led a broad rally on Asian markets Thursday, posting a fourth straight gain, while the pound rose ahead of a key central bank meeting.
The Nikkei index has now wiped out all the losses sustained after Britain’s shock vote to leave the EU, while the yen sank further as traders await details on promised government economic stimulus.
The gains extend a global advance this week fueled by talk of growth-boosting measures from central banks and governments around the world.
Hong Kong rose 1.1 percent but Shanghai ended down 0.2 percent, a day after China unveiled data showing imports and exports both fell last month, reinforcing worries about the slowing economy.
The figures bode ill for Friday’s release of second-quarter economic growth figures, which is expected to come in at a seven-year low of 6.6 percent, according to a survey by AFP.
China’s yuan dropped to its lowest in nearly six years on the back of the trade data. The unit was at 6.6878 against the dollar Thursday—just off levels last reached in November 2010.
“All eyes are on China’s economic data for the second quarter—if the numbers turn out to be weak, the yuan may depreciate beyond 6.7 per dollar,” Andy Ji, a foreign-exchange strategist at Commonwealth Bank of Australia, said.
Elsewhere, Sydney edged up 0.4 percent and Seoul added 0.2 percent, while Wellington and Taipei also posted gains. With AFP
