Philippine stocks closed firmer on Thursday amid easing tensions in Ukraine, while listed companies reported strong income results for 2013.
In Asia, the Tokyo index rose 1.59 percent, or 237.12 points to finish at 15,134.75, and Seoul inched up 0.22 percent, adding 4.38 points to 1,975.62, while Shanghai gained 0.32 percent, or 6.49 points, to 2,059.58.
Hong Kong firmed 0.55 percent, or 123.19 points, to 22,702.97 while Sydney finished little changed, or down 0.33 points at 5,445.9.
“With the crisis situation in Ukraine appearing to settle down for the time being, there’s a dearth of incentives on which to trade,” said SMBC Nikko Securities general manager of equities Hiroichi Nishi.
Harry Liu, Summit Securities Inc. president, told The Manila Times in a phone interview that the Philippine Stock Exchange index (PSEi) finally pierced the 6,500-point mark on Thursday, which makes reaching the 7,000-point level within the year possible.
Jun Calaycay of Accord Capital Equities said the benchmark stock index’s breach of the 6,500-point level boosted investor confidence.
“Stocks sustained their run into a third day, with a good number of issues hitting fresh record as the index hurdled the 6,500-mark. Asian markets are on a similar path,” Calaycay said.
The PSEi climbed 60.68 points or 0.94 percent to 6,516.82 points, while the wider all-shares index advanced 29.15 points or 0.75 percent to 3,910.63.
Only the mining and oil, and property counters declined on Thursday, with mining and oil losing 0.38 percent or 55.29 points at 14,465.01. The property counter dropped 0.39 percent or 9.78 points to 2,472.19.
The rest of the counters rose, with financials up 1 percent, or 15.55 points at 1,576.67, while industrials gained 1.24 percent, or 120.71 points to 9,885.77.
Holding firms advanced 1.09 percent, or 64.31 points to 5,941, while services rose 0.95 percent, or 18.18 points to 1,941.36.
D&L Industries Inc. was the only loser among the most actively traded stocks, which included SM Investments, Philippine Long Distance Telephone Co., Empe–rador Inc., Universal Robina Corp., Alliance Global Group Inc., JG Summit Holdings Inc., Metropolitan Bank and Trust Co., SM Prime Holdings Inc., and Bank of the Philippine Islands.
Advancers slightly outnumbered decliners, 86 to 82, while the number of unchanged issues stood at 38. Total value turnover reached P12.7 billion, with 5 billion shares traded.
On Wednesday, the PSEi reclaimed 0.96 percent, or 61.54 points to end at 6,456.14, while the broader all-shares index rose 0.79 percent, or 30.46 points to 3,881.48.