Stocks give up early gains but ends higher

January 4, 2019

Stocks gave up early gains after the Philippines announced  a big fall in December inflation but the key index still gained one percent  at the close of trading on Friday.

Inflation for December was reported at 5.1 percent, from six percent in November due to lower food and fuel prices.

The peso  closed at P52.51 against the US dollar from P52.65 on Thursday. Volume at the foreign exchange portal of the Bankers Association of the Philippines reached $684.95 million from the previous day's $797.5 million.

The Philippine Stock Exchange closed at 7,761.11, up 80.51 points after rising as high as 120 points before lunch break. In the broader market, there were 141 gainers, 63 decliners and 39 shares unchanged.

Most traded shares were led by Ayala Land, up 2.94 percent to P43.70; Ayala Corp., up 3.78 percent to P960 and SM Investment Corp., down 1.25 percent to P946. DMS