The 30-company Philippine Stock Exchange index went up by 17.30 points, or 0.26 percent, to close at 6,705.01, while the wider all-shares index climbed 8.24 points, or 0.23 percent, to reach 3,602.86.
Mining and oil declined by 1.8 percent, while holding firms and property slipped by 1.14 percent and 0.64 percent, respectively.Shares of Bank of the Philippine Islands rose 4.3 percent Thursday to P126 after reporting a record profit in the first half of 2024. The industry has helped push the S&P 500 and Nasdaq to multiple records in the past seven months, buoyed by the prospect of lower borrowing costs.
Trump’s comments that Taiwan — home to TSMC and other major producers — should pay the US for its defense caused some geopolitical unease. Still, analysts warned that the imposition of more chip restrictions could fuel further selling and lead to a correction in markets, which some warn have become overbought.