Market opens strong on solid earnings

MANILA, Philippines — Share prices opened the final week of October on a positive note, boosted primarily by corporate earnings results.

The benchmark Philippine Stock Exchange index (PSEi) grew by 0.40 percent or 29.01 points to end yesterday’s session at 7,343.24.

The broader All Shares index also increased by 0.47 percent or 18.93 points to settle at 4,036.20.

Company earnings reports, which have been mostly solid, continue to be a key focus for investors.

Luis Limlingan of Regina Capital said that shares made a recovery after falling in the red intraday as more earnings trickled in.

“Locally, a quiet week is expected, with traders focusing on the September PPI (producer price index) release on Oct. 30,” Limlingan said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said that the PSEi also gained partly in line with the recent gains in the US stock markets, which are still near record highs.

All local sectors finished in the green, led by mining and oil, which rose by 0.90 percent. Financials also added 0.88 percent.

Market breadth, however, was negative as decliners edged out advancers, 99 to 90, while 55 issues were unchanged.

Net value turnover remained thin at P3.6 billion.

Bank of the Philippine Islands was the top traded company, rising by 0.96 percent for P147.40 per share, while BDO grew by 0.19 percent to P160.

Other most actively traded stocks were ICTSI (up 0.24 percent), GT Capital (up 1.89 percent) and SM Investments (up 0.10 percent).