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PSEi extends gains as strong corporate earnings, Wall Street records lift sentiment

Business | The Stock Market

PSEi extends gains as strong corporate earnings, Wall Street records lift sentiment

By James A. Loyola

The Philippine Stock Exchange index (PSEi) rose on Wednesday, Aug. 12, as investor confidence was boosted by record highs in United States (US) bourses and the positive first-half performance of domestic blue-chip companies.

The main index rose by 39.75 points, or 0.63 percent, to close at 6,366.64. Conglomerates led the charge, while services lagged behind.

Volume jumped to one billion shares worth ₱17.61 billion, Gainers outnumbered losers—111 to 84, with 49 unchanged.

“The local index ended higher as investors continued to digest more corporate earnings, particularly from blue-chip counters. Stronger-than-expected results supported sentiment and encouraged selective buying across key sectors,” said Regina Capital Development Corp. managing director Luis Limlingan.

Gains were sustained as investors remained optimistic about the earnings outlook despite lingering macroeconomic uncertainties.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market’s rise is attributed to bargain hunting together with appreciation of second-quarter and first-half results of selected stocks.”

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi went up for the third straight day after US and global stock market gauges posted new record highs recently.

The latest rollback in local fuel pump prices also lifted investor sentiment as this could help ease inflationary pressures.

Related Tags

Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corporation Michael L. Ricafort

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