PH stocks climb on last-minute buying, higher corporate income

Despite trading in the red for most part of the day, the benchmark Philippine Stock Exchange index picked up 40.26 points, or 0.56 percent, to close at 7,280.24.The broader all-shares index also climbed 19.27 points, or 0.48 percent, to end at 3,996.58.

Net value turnover at the stock market reached P5.12 billion, lower than the year-to-date average of P5.17 billion. Foreigners were net sellers, with net outflows amounting to P600.04 million. The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.

Oil prices rebounded slightly after falling sharply earlier in the week as fears of an escalation in the Middle East eased after Israel’s strikes on Iran avoided the country’s energy infrastructure. Tokyo was virtually the sole advancer, closing one percent higher as the Nikkei continued its run-up on the yen’s weakness and tech gains. Manila was the only other market in the green.

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