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Manila Bulletin devider Business devider The Stock Market devider Stocks recover on strong corporate earnings

Stocks recover on strong corporate earnings

Published Feb 28, 2024 09:56 am

The local stock market reversed early losses to end with a small gain as large cap firms report strong earnings growth.

The main index added 15.85 points or 0.23 percent to close at 6,876.52 although sectoral indices were split. Volume dipped to 379 million shares worth P4.73 billion as gainers outnumbered losers 95 to 85 with 57 unchanged.

“Philippine shares made some modest gains as investors braced for the release of the key inflation report due later this week, with the S&P and Nasdaq marginally higher. Meanwhile, the DJIA logged its second straight day of decline,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “back home, the local bourse ticked up slightly ahead of the implementation of the MSCI rebal and the end of month for February.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse bounced back as optimism was spurred by the World Bank's expectation that the Philippines' inflation will likely stay within 2-4 percent this year. Strong earnings results from 2023 also provided positive sentiment.”
 

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