The benchmark Philippine Stock Exchange index (PSEi) climbed for a second straight day as investors placed bets for the third quarter earnings season, pushing up banks and conglomerates.
By the closing bell, the PSEi added 0.74 percent, or 44.62 points, to 6,073.41, while the broader All Shares index gained 0.51 percent, or 16.45 points, to 3,233.12.
Trading activity was relatively weak, with 306.1 million shares valued at P4.37 billion changing hands while foreigners were net sellers amounting to P287.5 million.
Overall, there were 95 losers against 74 advancers while 48 companies closed unchanged.
“Investors continued to bargain-hunt into the Philippine market as the first batch of [third] earnings indicated the economy has been able to withstand the downturn of the global economy,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said.
“Bets were also being made on the possibility that [the Bangko Sentral ng Pilipinas] may raise the benchmark rates by more than 100 [basis points] before the year ends to match the step of the Fed (US Federal Reserve) rate hike moves,” he added.
The financial subsector rose 1.45 percent, followed by holding firms, up 0.88 percent; property, up 0.77 percent; and industrial, up 0.65 percent.