Earnings data push PH shares toward 6,900

MANILA  —Philippine stocks moved closer to the 6,900 resistance mark on Wednesday as investors monitor economic data overseas.

By the closing bell, the benchmark Philippine Stock Exchange Index added 0.62 percent, or 42.70 points, to 6,897.36 while the broader All Shares index was up 0.51 percent, or A18.40 points, to 3,600.10.

“Philippine shares closed in the green once more, brushing off the weakness in the US tech sector as domestic corporate earnings continued to come in within expectations or better,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Wednesday.

“Wall Street will also keep an eye out for the minutes from the Federal Reserve’s January meeting, seeking further insight into where the central bank stands on rates,” he added.

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Most subsectors closed in the green, led by property’s 1.90 percent increase, while services and mining and oil slumped 1.69 percent and 0.78 percent, respectively.

Top traded stocks

A total of 1.63 billion shares valued at P4.88 billion changed hands while foreigners were net sellers to the tune of P506.85 million, data from the stock exchange showed.

Ayala Land Inc. was the top traded stock as it climbed 1.86 percent to P35.55 per share.

It was followed by BDO Unibank Inc., up 1.29 percent to P157; International Container Terminal Services Inc., down 3.45 percent to P280; Bank of the Philippine Islands, up 1.87 percent to P120; and SM Prime Holdings Inc., up 2.74 percent to P33.80 per share.

Ayala Corp. was up 0.63 percent to P714.50; SM Investments Corp., up 0.88 percent to P916; Metropolitan Bank & Trust Co., down 0.34 percent to P58.70; Jollibee Foods Corp., up 0.77 percent to P261; and Century Pacific Food Inc., down 0.99 percent to P35.05 per share.

Overall, there were 93 losers against 91 advancers while 50 companies closed unchanged, data from the stock exchange showed.