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Stocks up as earnings season starts

Business | The Stock Market

Stocks up as earnings season starts

By James A. Loyola

The local stock market ended the last trading day of the week with a slight uptick with investors looking forward to the start of the season for the release of third quarter earnings reports.

The main index added 15.40 points or 0.21 percent to close at 7,415.73 with Miners leading the advance although Industrials and Conglomerates declined. Volume was firm at 1.4; billion shares worth P6.36 billion as gainers led losers 103 to 91 with 62 unchanged.

“Philippine shares showed minor gains at close as investors gear up for third quarter earnings as BPI became the first in the index to report better than expected profit,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Wall Street edged higher Thursday, with the Dow hitting a record closing high as a rally in Travelers boosted the index. The S&P 500 dipped slightly after reaching an intraday peak, while the Nasdaq posted modest gains.

“Locally, the peso continued to weaken as the currency continues to adjust to the new interest policy,” he added.

Philstocks Financial Research Manager Japhet Tantiangco said “Today’s sideways trading ended in the positive territory. Positive sentiment took over in today’s trading driven by the policy easing prospects of the Bangko Sentral ng Pilipinas, and optimistic expectations of Q3 corporate results.”

Foreigners were net buyers with net inflows amounting to P173.77 million.

Related Tags

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

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