Promising new income season lifts PSEi

Initial third-quarter earnings results encouraged anxious investors on Friday, allowing the bourse to snap its two-day losing streak to finish just above 7,400.

The benchmark Philippine Stock Exchange Index (PSEi) added 0.21 percent, or 15.40 points, to close at 7,415.73.

Meanwhile, the broader All Shares Index inched up by 0.13 percent, or 5.28 points, to 4,081.52.

A total of 1.44 billion shares worth P6.36 billion changed hands as foreigners made net purchases worth P173.77 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the “minor gains” came as investors remained optimistic on the performance of blue chip companies, especially after Ayala-led Bank of the Philippine Islands (BPI) reported record-high profits in the first nine months of the year.

BPI, which is usually the first to disclose its earnings, reported a 24.3-percent rise in net income during the period to P48 billion as its loan portfolio grew.

International Container Terminal Services Inc. was the top-traded stock as it rose by 0.15 percent to P409 per share.

It was followed by BDO Unibank Inc., up 0.92 percent to P164; Ayala Land Inc., up 1.54 percent to P36.20; Megaworld Corp., up 3.13 percent to P2.31; and Manila Water Co. Inc., down 1.48 percent to P26.60 each.

RL Commercial REIT Inc. was down 3.06 percent to P6.01; Puregold Price Club Inc., down 0.60 percent to P33; SM Investments Corp., flat at P962; BPI, up 0.42 percent to P143.10; and PLDT Inc., up 0.67 percent to P1,500.