Glowing earnings season upstages virus anxiety as PSEi continues ascent

The benchmark Philippine Stock Exchange Index (PSEi) gained on Wednesday as investors focused on improving corporate earnings.

By the closing bell on Wednesday, the PSEi gained 0.38 percent, or 25.15 points, to 6,585.21 while the broader all shares index was up 0.47 percent, or 18.77 points, to 4,059.59.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said the earnings season “overshadowed investor concerns over the coronavirus and Chinese regulatory action against technology stocks.”

“Investors are also monitoring the US market since equities [there] are trading near all-time highs,” he added.

This came even as the June labor force survey showed the Philippines’ unemployment rate was unchanged from the previous month’s print of 7.7 percent.

“It can be noted that the largest drop in employment in June came from the accommodation and food service sector and other service activities. In contrast, the admin and support service, wholesale and retail trade sectors recorded the highest increase in employment,” Limlingan said.

Among subsectors, property was the only loser as it declined 0.11 percent.

Services gained the most at 1.86 percent, followed by mining and oil, up 0.86 percent, and financials, up 0.77 percent.

A total of 1.1 billion shares valued at P4.64 billion changed hands on Wednesday, data from the PSE showed. There were 115 gainers against 73 decliners, while 46 companies closed unchanged.

BDO Unibank Inc. was the most actively traded on Wednesday as it gained 1.71 percent to P112.90 per share.

It was followed by International Container Terminal Services., up 4.6 percent to P174.80; Ayala Land Inc., down 1.48 percent to P33.30; AC Energy Corp., up 2.17 percent to P8.48; and Bank of the Philippine Islands, down 0.78 percent to P83.15 per share.

Other actively traded names were SM Prime Holdings, up 0.74 percent to P34.05; SM Investments Corp., down 0.05 percent to P964; Ayala Corp., down 1.19 percent to P750; LT Group Inc., up 1.43 percent to P9.93; and Monde Nissin Corp., up 3.87 percent to P15.58 per share. INQ