Market up on hopes of more positive earnings results, easing of US-China trade row
Philippines stocks advanced on Tuesday as investors positioned ahead of the releases of more full year 2018 earnings results and amid hopes that trade tensions between the United States and China would ease.
The benchmark Philippine Stock Exchange index ended the session higher by 0.33 percent, or 26.03 points, to 7,988.16 while the broader all-shares index was up 0.25 percent, or 12.28 points, to 4,896.11.
“Index movement this week could be biased to the upside, with the 8,100-8,200 resistance area potentially being retested as the PSEi draws on positive Trade War sentiment, with potentially lower oil prices moving forward as the icing on the cake,” said Gio Perez of Papa Securities Corp.
Data from the PSE showed that sub-sectors mainly closed higher. Gains here were led by mining and oil, up 0.82 percent, followed by holding firms, up 0.6 percent and property, up 0.59 percent. Only financials closed in the red with a 0.43 percent decline.
A total of 1.15 billion shares valued at P10.9 billion changed hands on Tuesday. Foreign buying alone hit P7.88 billion for a net gain of P1.2 billion.
BDO Unibank Inc. was the most actively traded on Tuesday as it gained 1.55 percent to P131 per share.
The lender was followed by Ayala Land Inc., up 1.01 percent to P44.95, San Miguel Corp., up 0.56 percent to P180, Philippine National Bank, up 5.9 percent to P51.15 and International Container Terminal Services, up 0.17 percent to P119.60 per share.
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