Stocks closed in the green for a third-straight session on Wednesday despite a report showing that manufacturing in China unexpectedly weakened.
Analysts attributed the strong showing of local stocks to investors already positioning here ahead of the second-quarter earnings season.
The Philippine Stock Exchange index (PSEi) closed up 0.9 percent, or 60.95 points, to 6,804.16 while the broader all-shares index gained 0.91 percent, or 37.44 points, to 4,133.92.
Sub-indices ended mixed, with industrials, financials, property and holding firms closing in the green. Leading the pack was the property sub-index, which gained 1.51 percent. Services and mining and oil dipped 0.20 percent and 0.56 percent, respectively.
“We saw continued buying on select issues ahead of corporate earnings [reports],” said Astro del Castillo, managing director at First Grade Finance Inc.
Data from the PSE showed that 1.2 billion shares changed hands on Wednesday valued at P8.015 billion. There were 93 advancers against 64 decliners while 52 companies were unchanged.
Leading the list of actively traded stocks was Alliance Global Group Inc., tycoon Andrew Tan’s holding firm for gaming, liquor, property and fast food outlet McDonalds. It gained 3.85 percent to P27 a share yesterday.
This was followed by Cosco Capital Inc. (+5.26 percent to P11.20), SM Investments Corp. (+1.05 percent to P960), Philippine Long Distance Telephone Co. (+0.71 percent to P3,078) and Ayala Land Inc. (+1.62 percent to P31.40).
Other actively traded companies were BDO Unibank Inc., Manila Electric Co., Ayala Corp., Metro Pacific Investments Corp. and Universal Robina Corp.—Miguel R. Camus