PH stocks rise anew on good corporate earnings prospects

Photo taken from pse.com.ph

MANILA, Philippines—Local stocks gained for the second straight day on the back of optimism on local second-quarter earnings results and some month-end window-dressing activities.

The main-share Philippine Stock Exchange index added 29.76 points, or 0.56 percent, to finish at 5,307.66.  Across the region, trading was mixed as markets awaited signals of monetary stimuli from the US Federal Reserve and the European Central Bank.

“Perhaps some window-dressing brought up the PSEi but I figure the trend remains intact. I hope we see some follow-through,” Gus Cosio, president of First Metro Asset Management Inc.

The index was led higher by the financial counter, which rose by 1.29 percent. Holding firms, services, mining, oil and property posted modest gains. Only the industrial counter ended lower.

Value turnover amounted to P6.044 billion. There were nearly twice as many advancers for every single decliner.

The notable index gainers were PLDT (+1.11 percent), ALI (+1.63 percent), Metrobank (+3.41 percent), BDO (+2.22 percent), DMCI (+1.91 percent) and First Gen (1.05 percent). SM Prime, AC, Megaworld and ICTSI also contributed to the PSEi’s gains.

The notable gainers among non-PSEi stocks were Security Bank (+3.06 percent) and EEI (+2.35 percent). EEI also gained in heavy volume.

On the other hand, shares of Meralco, URC, Globe and BPI fell, curbing the PSEi’s gains.  Puregold likewise ended lower.