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Manila Bulletin devider Business devider Stocks extend gains on corporate earnings

Stocks extend gains on corporate earnings

Published Aug 4, 2021 05:25 pm

The local stock market rose for the third day with investor sentiment boosted by positive corporate earnings reports.

The main index gained 25.15 points or 0.38 percent to close at 6,585.21 as the Services sector led the advance while the Property counter was the only one in the red.

Volume was relatively stable at 1.1 billion shares worth P4.64 billion as gainers beat losers 115 to 73 with 46 unchanged.

“Philippine shares traded slightly up after the new string of positive corporate earnings results overshadowed investor concerns over the coronavirus and Chinese regulatory action against technology stocks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “Investors are also monitoring the US market since equities in the country are trading near all-time highs.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its rally as sentiment continued to gain support from the surge in corporate earnings seen in the second quarter results.”

He noted that, “The positive cues from Wall Street also gave a boost in Wednesday’s session. The market still received support from foreign investors with net inflows registering P83.72 million.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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