The local stock market managed to end the last trading day of the week on a positive note as the typhoon leaves the Philippines.
The main index added 30.44 points or 0.42 percent to close at 7,314.23 with Banks leading the advance while the Property and Industrial sectors remained in the red. Volume was still weak at 730 million shares worth P4.2 billion as gainers beat losers 110 to 81 with 55 unchanged.
“Philippine shares managed to recover to above 7,300 as the Storm Kristine begins its way our of the country,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “U.S. equities were mixed Thursday, stabilizing after Wednesday's sharp decline as investors assessed major earnings reports. The S&P 500 and Nasdaq gained while the Dow fell, extending its losing streak to four sessions.”
Fresh economic data showed lower-than-expected jobless claims and stronger new-home sales, hinting at resilience in the economy.