Earnings season is coming: PSEi stands ground
The benchmark Philippine Stock Exchange Index (PSEi) gained on Wednesday as investors geared for the first quarter earnings season.
The PSEi added 0.36 percent or 28.06 points to 7,846.99 while the broader all shares index was up 0.14 percent or 7.01 points to 4,846.05.
Jose Mari Lacson, ATR Asset Management head of research, said investors were looking forward to the earnings season, which is expected to commence the following week.
He said there was room for the PSEi to rise, given the target of 8,500 for 2019.
On Wednesday, subsectors came in mixed, with financials, industrial and services closing in the red. Gainers were led by mining and oil and the holding firms subindices.
Total volume hit 652.13 million valued at P8.1 billion. There were 105 decliners against 87 gainers, while 51 companies closed unchanged, data from the PSE showed.
Ayala Land Inc. was the most actively traded on Wednesday as it gained 2.13 percent to P48. The builder announced a plan to launch a $500-million Real Estate Investment Trust offer within the year.
It was followed by Ayala Corp., up 2.2 percent to P884; International Container Terminal Services Inc., down 4.78 percent to P121.40; Jollibee Foods Corp., down 0.6 percent to P300.40; and BDO Unibank Inc., unchanged at P133 per share. —MIGUEL R. CAMUS
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