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Manila Bulletin devider Business devider The Stock Market devider Stocks slightly recover amid Q3 earnings release

Stocks slightly recover amid Q3 earnings release

Published Oct 25, 2023 08:58 am

The local stock market slightly recovered from a nearly week-long consecutive low as the release of corporate earnings for the third quarter fuels investor optimism. 

The main index rose by 14.78 points or 0.25 percent closing at 6,054.50 with the Financials, Industrial, and Holding Firms sector indices seeing gains. 

Total volume of shares traded was 978 million valued at P4 billion as losers barely overcome gainers 83 to 80 with 51 unchanged. 

Regina Capital Development Corporation Managing Director Luis Limlingan said the “PSEi ended flat, inching up a bit as US equities settled higher on strong 2023 third quarter corporate earnings.”

“The recovery in the local bourse seem to be tapered off by the drop of Wilcon Depot Inc. (WLCON) on expectations that the higher-than-anticipated costs will hurt margins,” he added. 

 

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