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Manila Bulletin devider Business devider The Stock Market devider Stocks rise further on strong earnings

Stocks rise further on strong earnings

Published Feb 21, 2024 08:18 am

The Philippine Stock Exchange Index (PSEi) rose on the back of strong corporate earnings as well as hopes that the Bangko Sentral ng Pilipinas (BSP) will cut rates soon.

The main index moved up 42.70 points or 0.62 points to close at 6,897.36 as the Property counter led with a strong recovery while the Services and Mining sectors declined. Volume was relatively stable at 1.63 billion shares worth P4.88 billion as losers edged out gainers 93 to 91 with 50 unchanged.

“Philippine shares closed in the green once more, brushing off the weakness in the US tech sector as domestic corporate earnings continued to come in withing expectations or better,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse extended its gains, lifted by property stocks, notably with the SM Prime Holdings, Inc., one of the heavyweights in the market, which experienced the most significant gain of 2.74 percent among the index members.“ 

“The possible interest rate cut by the BSP, coupled with strong 2023 corporate earnings results so far, are boosting investors’ sentiment in property stocks. Moreover, foreign investors have been consistently participating in the market,” she noted.
 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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