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Manila Bulletin devider Business devider The Stock Market devider Stocks rise ahead of more Q3 reports

Stocks rise ahead of more Q3 reports

Published Oct 30, 2024 08:05 am

The local stock market rose in late trades as investors took positions ahead of the release of more third quarter earnings reports by listed companies.

The main index added 40.26 points or 0.56 percent to close at 7,280.24 as Banks led the advance while Conglomerates and Property firms declined. Volume dipped to 743 million shares worth P5.5 billion as losers outnumbered gainers 99 to 88 with 58 unchanged.

“Philippine shares managed to close in the green with some bargain hunting at closing despite Wall Street ending mixed, as investors braced for key corporate earnings releases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Overall, investor sentiment remained cautious amid uncertainties tied to the upcoming U.S. elections.”

Philstocks Financial Research Manager Japhet Tantiangco said "Late day buying sent the local market higher this Wednesday as investors hunted for bargains with robust third quarter and first nine months  corporate results giving sentiment a boost."

"Trading was tepid however as investors were still in a cautious mode amid lingering downside risks including the Peso’s weakness and uncertainties over the US’ upcoming elections. Foreigners were net sellers with net outflows amounting to P600 million," he added.

Related Tags

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