Better-than-expected income reports buoy stocks

MANILA, Philippines - Share prices closed higher yesterday, boosted by better-than-expected corporate income reports.

The benchmark Philippine Stock Exchange index (PSEi) climbed 36.10 points, or 0.47 percent, to settle at 7,570.45, while the broader All-Shares index gained 8.58 points, or 0.19 percent, to end at 4,340.85.

Jason Escartin of F. Yap Securities said optimism in US markets likely spilled over to local equities, further boosted by the positive outlook of select shares after posting better-than-expected earnings.

He said Bangko Sentral ng Pilipinas Governor Amando Tetangco’s clear indication that monetary policy remains appropriate may stave off rumors of adjustments at the Monetary Board’s meeting this week.

The Industrial index rallied 100.74 points, or 0.87 percent, to settle at 11,626.96, while the holding firms index finished at 6,836.21, higher by 17.22 points or 0.25 percent.

The mining and oil index surged 303.07 points to close at 12,019.35, while the property index ended rose 20.53 points to 3,188.83.

On the other hand, the Financial’s index shed 3.75 points, or 0.22 percent, to finish at 1,646.05, while the services index also lost 6.74 points, or 0.32 percent, to 2,076.83.

Value turnover reached P8.24 billion. Decliners edged out advancers 120,68 while 36stocks were unchanged.