Earnings results continue to boost index

MANILA, Philippines - Share prices went up yesterday, boosted largely by a slew of corporate income reports.

The benchmark Philippine Stock Exchange index (PSEi) gained 25.03 points, or 0.33 percent, to close at 7,598.29 while the broader All-Shares index rose 12.28 points to settle at 4,348.81.

Analysts said share prices could have closed higher if second quarter earnings were better. “Earnings (were) not too good especially index heavyweight PLDT,” said Joseph Roxas, president of Eagle Equities.

Telecommunications giant Philippine Long Distance Telephone Co. reported its first half earnings declined six percent to P18.7 billion, while core income was P18.9 billion, down five percent from a year earlier.

Similarly, its second quarter net income was also down four percent.

The financials index closed  8.28 points higher  at 1,671.78, while the Industrial index rose 97.43 points to settle at 11,565.29.

The holding firms index ended at 6,885.22, up 18.18 points or 0.26 percent, while the property index, inched up 5.65 points or 0.18 percent to close at 3,113.98.

Analysts said concerns over a weak Chinese economy continue to hound investors as seen in most markets in the region.

Value turnover stood at P8.20 billion. Decliners edged out advancers, 106 against 69 and 46 stocks were unchanged.