PH stocks outperform Asia on Friday


Posted at Jul 12 2013 04:59 PM | Updated as of Jul 13 2013 12:59 AM

BANGKOK - Philippine stocks gained 2.3 percent on Friday, led by large caps such as Philippine Long Distance Telephone Co (PLDT) and SM Prime Holdings Inc while other southeast Asian stocks came off day's highs as broader Asia pulled lower.

Philippine economic outperformance helped bolster market sentiment, traders said, with the main share index trading at 6,553.34 by 0713 GMT, the highest in almost two weeks, poised for a gain on the week of almost 1 percent.

Shares of PLDT, the second-largest firm by market value and the most actively traded on the day, extended gains for a second session, adding around 1 percent, as players hunted for bargain from recently beaten-down shares in blue-chip firms.

SM Prime Holdings was among the top performers on the day, rising 4 percent, after the mall operator said its shareholders have approved a merger between the company and SM Land Inc.

Buying in blue-chips on good earnings results sent Vietnam's benchmark index nearly 2 percent higher.(Full Story)

Stocks in Indonesia, Thailand and Malaysia erased most of their early gains while Singapore fell into negative territory as investors in Asian stocks turned cautious ahead of Chinese data.