Philippine stocks rallied on Friday after being closed for two days for holidays, gaining 1.57 percent, the most rise among developing shares, as the APEC 2015 in Manila comes to a close.
The Philippine Stock Exchange Index (PSEi) gained 1.57 percent, or 107.43 points, to close at 6,932.81 points, joining other Asian indexes that gained after the US Federal Reserve signaled that the pace of tightening will be slow.
Among the blue chip stocks, shares of International Container Terminal Services Inc (PSE:ICT) gained the most at 5.65 percent to trade at Php71 apiece at the close.
The wider All Shares also gained 1.36 percent on Friday’s trading, to end the week at 4,001.22 points.
Property stocks rallied the most on Friday, gaining 2.66 percent while Mining and Oil was the only index on the red after declining by 1.15 percent.
Starmalls, Inc (PSE:STR)’s stock continues to lead the gainers with a 35.33 percent rise on Friday. Starmalls is being acquired by Vista Land.
Liberty Flour Mills Inc (PSE:LFM) also gained 23.53 percent to close at Php34 a share on Friday.
Meanwhile, Alterra Capital Partner (PSE:ALT) dropped the most on Friday, posting a decline of 9.75 percent while Manila Mining Corporation (PSE:MA) also dropped by 9.09 points.
Gainers outnumbered declines 108 to 60 while 47 stocks remained unchanged. – BusinessNewsAsia.com