Strong corporate earnings boost market

MANILA, Philippines — The stock market advanced for a fifth straight session yesterday as strong corporate earnings in the first quarter helped buck negative cues from Wall Street overnight.

The benchmark Philippine Stock Exchange index climbed by 0.82 percent or 53.87 points to end the week on a positive note at 6,628.75.

The broader All Shares index also rose by 0.71 percent or 24.78 points to settle at 3,492.75.

“Philippine shares continued the bargain hunting while Wall Street bled during the last trading session as the GDP figure turned slower-than-anticipated,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said the local bourse gained amid anticipation of first quarter earnings.

Investors have enjoyed a largely upbeat week as a healthy earnings season resulted in big gains.

However, she said many were seen on the sidelines, as the net market value turnover was at P2.77 billion, weaker than the month-to-date average of P4.79 billion.

“Investors took a cautious stance this session as US economic data showed a slowdown in economic growth and pointed to persistent inflation,” Alviar said.

All sectors were in the green except for services, which dipped by 0.007 percent.

Industrial led with a 2.21-percent surge, followed by holdings firms, which grew by 1.13 percent.

Market breadth remained positive as advancers edged out decliners, 110 to 78, while 49 issues were unchanged.

JG Summit Holdings posted the biggest gain among index members at 6.22 percent, while BDO was at the bottom with a 1.1-percent drop.