PSEi jumps 1.6 pct; peso strengthens

Reuters

Posted at Feb 07 2014 07:36 PM | Updated as of Feb 08 2014 03:36 AM

BANGKOK - Major Southeast Asian stock markets gained on Friday on hopes U.S. non-farm payrolls data could put some global growth concerns to rest, with the Philippines an outperformer amid a rise in the peso and foreign-led buying in large-caps.

The Philippine index jumped 1.6 percent, trimming its loss on the week to 0.5 percent. Shares of Philippine Long Distance Telephone TEL.PS, the most actively traded, soared 1.7 percent.

The Philippine peso hit its highest level since Jan. 15 on Friday while the local bourse said foreign investors bought shares worth a net P428.5 million ($9.48 million) on the day.

The peso closed at P44.98 against the US dollar.

Stocks in Singapore rose 0.8 percent, hovering around a one-week high and ending the week down 0.5 percent. Malaysia closed up 0.6 percent at its highest level since Jan. 22, notching up a weekly gain of 0.3 percent.

Indonesia ended up 1 percent, gaining 1.1 percent on the week. Thailand trimmed earlier gains, inching up 0.1 percent amid domestic political uncertainty.

Shares of Thai Airways International reversed earlier gains and fell 1.5 percent to its lowest close since Jan. 30, after employees of the national carrier said they plan to "go slow" at work next week and call for its chairman and acting president to resign for running the airline into losses.