Investors pick up shares ahead of Q3 earnings

Bargain-hunting lifted the benchmark PSEi on Monday.—INQUIRER FILE PHOTO.

Investors hunted for bargains ahead of the release of corporate earnings reports for the third quarter, with the Philippine Stock Exchange index (PSEi) opening the week in the green.

The benchmark PSEi climbed by 0.76 percent, or 45.23 points, to settle at 6,028.79 while the broader All-Shares index inched up 0.68 percent, or 21.63 points, to close at 3,216.67.

“Moreover, the government’s announcement that it is prepared to defend the peso from falling to 60 levels against the US dollar boosted the sentiment,” said Claire Alviar, assistant manager for research and online engagement of Philstocks Financial Inc.

Finance Secretary Benjamin Diokno expressed this stance during the recent 29th Apec Finance Ministers’ Meeting in Bangkok, Thailand.

Positive performance

“Wall Street’s positive performance last Friday also influenced the market’s movement,” she added.

All the sectors ended in the green except for mining and oil, which dipped by 0.14 percent. Services and financials indices booked the most gains with 1.34 percent and 1.16 percent, respectively.

About 406.76 million shares amounting to P3.48 billion were traded. Advancers led decliners, 91-76, while 55 issues were unchanged.

Ayala Land Inc.’s shares, the most actively traded, rose by 1.73 percent to P26.40 each.

Active shares

Following this was SM Investments Corp., down 0.65 percent to P765; International Container Terminal Services Inc., up 1.45 percent to P174.50; Bank of the Philippine Islands, up 0.55 percent to P91.50; SM Prime Holdings, up 0.78 percent to P32.25 and Semirara Mining and Power Corp., up 0.85 percent to P41.45.

Other active names were Jollibee Foods Corp., down 0.27 percent to P224.80; Ayala Corp., down 1.06 percent to P652; San Miguel Corp., up 1.49 percent to P98.75; and PLDT Inc., up 3.02 percent to P1,535. INQ