PHILIPPINE SHARES rose on the first trading day of 2025 on strong manufacturing activity in December and as investors hunted for bargains.
The benchmark Philippine Stock Exchange index rose 0.33% or 21.60 points to close at 6,550.39 on Thursday, while the broader all-stock index rose 0.17% or 6.59 points to 3,755.10.
Philippine financial markets were closed for holidays on Dec. 30, Dec. 31, and Jan. 1.
Local loans ended higher after the release of data showing that Philippine factory activity in December expanded at its fastest pace since November 2017, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The headline S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) rose to 54.3 last month from 53.8 in November.
This marks the 16thth It was the month in which the PMI expanded and was the most positive in working conditions since November 2017.
A PMI reading above the 50 mark indicates expansion, while a reading below 50 indicates a deterioration in working conditions.
“Both output and new orders rose sharply and at broadly similar rates, marking the strongest growth since April 2022,” S&P Global said.
“The market closed its first trading day of the year on a positive note after last-minute hunting,” said Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco in a Viber message.
“Foreign operations posted a total income of P217.72 million… Trade was still disappointing, however, with net profit reaching P2.8 billion, below last year’s average of P5.15 billion.”
Total imports stood at P217.72 million on Thursday, a change from the P112.76 million net exports recorded on December 27.
Meanwhile, turnover decreased to P3.24 billion on Thursday with 1.11 billion shares traded from P4.19 billion with 1.18 billion shares that changed hands on December 27.
“Philippine stocks started on a positive note, showing tangible gains as the market prepares for a full year ahead,” Regina Capital Development Corp. said. Head of Sales Luis A. Limlingan in a Viber message.
Most of the industry indices closed lower on Thursday. Mining and oil fell by 1.73% or 136.09 points to 7,693.57; holding companies fell 0.32% or 18.47 points to 5,621.79; industrials fell 0.18% or 17.10 points to 9,291.05; and the stock was down 0.03% or 0.78 point to 2,376.45.
Meanwhile, services rose 1.68% or 35.11 points to 2,116.83 and financials rose 0.83% or 18.07 points to end at 2,175.61.
“International Container Terminal Services, Inc. was the index’s top gainer, rising 3.37% to P399. Nickel Asia Corp. it did very badly, it went down by 4.30% to P3.34,” said Mr. Tantiangco.
Decliners slightly outnumbered promoters, 97 versus 94, while 47 names closed unchanged. – Revin Mikhael D. Ochave
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