‘Good’ corporate earnings buoy PSEi

Investors continued to buy up local equities as they turned optimistic amid positive earnings data from several firms. The Philippine Stock Exchange index (PSEi) climbed 1.07 percent, or 67.78 points, to settle at 6,430.08 while the broader All Shares index was up 0.74 percent, or 25.24 points, to sit at 3,436.83 by the closing bell. Claire Alviar, Philstocks Financial, Inc. assistant manager for research and online engagement, said the PSEi was supported by the “good earnings reports so far from the index members.” She added: “Since the market has breached its 6,400 resistance level, it will test that level in the coming days, if the market would be able to stay ground above that level then the next resistance is pegged at 6,600 level.”

—Tyrone Jasper C. Piad