MANILA, Philippines—Most local stocks on Wednesday resumed their upswing, bringing the main index back to the 6,400 level, on firmer regional markets and a good stream of local corporate earnings.
The Philippine Stock Exchange index added 61.54 points, or 0.96 percent, to close at 6,456.14.
Jose Mari Lacson, head of research at local stock brokerage Campos Lanuza & Co., said the easing of political tension in Ukraine significantly boosted sentiment.
He also said PLDT’s latest profit performance had likewise perked up the market’s sentiment.
PLDT’s core net profit grew by 5 percent in 2013 to P38.7 billion, exceeding the company’s guidance of P38.3 billion for the year.
“It’s pretty good. If you look at it, in the past four years, PLDT has grown by single-digit, or around 3 percent. At around 8 percent for the fourth quarter, it was more than double the usual growth. So, it’s very positive,” Lacson said.
Shares of PLDT, which had an 11.02 percent weight on the PSEi, rose by 1.47 percent.
“Market sentiment has surely changed. Emerging markets are back in the game,” said Gus Cosio, president of First Metro Asset Management Inc.
There was net foreign buying of about P1.34 billion during the day.
Other big index gainers for the day were SM Prime, Ayala Land Inc. and AC, which all advanced by over 2 percent, while Universal Robina Corp. and Metrobank rose by more than 1 percent.
SM Investments Corp., BDO Unibank, JG Summit, Metro Pacific Investments Corp., Megaworld, Globe, ICTSI, Aboitiz Power and DMCI also closed higher.
Value turnover amounted to P12.95 billion including block sales on Resorts World Manila (P1.43 billion) and LT Group (P81.89 million).
There were 116 advancers against 64 decliners, while 33 stocks were unchanged.
The day’s gainers were led by the services and property counters, which both jumped by over 1 percent.—Doris C. Dumlao