PH stocks rise for 6th day

MANILA, Philippines–The local stock barometer advanced for the sixth straight session on Wednesday ahead of the release of the second quarter Philippine gross domestic product (GDP) growth, widely anticipated to be better than the first-quarter results.

The Philippine Stock Exchange index added 14.11 points, or 0.2 percent, to end at 7,160.46, a new closing high for the year. Apart from Thursday’s GDP report, upbeat regional markets also aided the market even as many stocks have hit expensive valuations.

On Wall Street, the broader S&P index reached a record high alongside a string of positive US economic data.

At the local market on Wednesday, all counters were modestly up. Value turnover amounted to P10.92 billion.

There were 90 advancers that beat 79 decliners while 48 stocks were unchanged.

FGEN was among the PSEi’s gainers, rising by 3.96 percent on improved earnings prospects while EDC likewise gained 1.53 percent.

Andrew Tan-led Megaworld was up by 2.8 percent while sister company Emperador—which is set to join the PSEi effective Sept. 15—rose by 2.91 percent. Emperador is set to replace Philex Mining.–Doris C. Dumlao