PSEi up for 5th week

Posted at 05/02/14 7:58 PM

MANILA, Philippines - Strong earnings gave Philippine stocks a fifth straight weekly gain.

On Friday, the index closed 0.52 percent up at 6,742.97. Advancers beat decliners, 112 to 64.

Among the day's big gainers were Philex Mining, which jumped over 6 percent after reporting first quarter sales tripled to P2.8 billion. Although profit fell 40 percent to P253 million, Philex said the drop is due to the absence of a one-time gain from an insurance claim.

Also up were Enrique Razon's ICTSI, which has won a contract to build and manage two facilities at the port of Melbourne, and DoubleDragon, which plans to open a mall in Divisoria.

In other corporate news, Singapore's sovereign wealth fund GIC is extending a P3.4 billion convertible loan to Century Canning Corp. (CCC), the parent of canned tuna manufacturer Century Pacific Food Inc. which will list this week.

At the foreign exchange market, the peso finished stronger, closing at P44.50 against the dollar. - ANC