Bargain hunting lifted the Philippines’ main stocks gauge yesterday and the peso managed to close the day sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 0.56 percent, or 40.56 points, to 7,252.10 points.
Also, All Shares jumped by 0.44 percent, or 19.68 points, to 4,456.52 points.
The majority of the sectoral indexes tracked the main index led by the Services, 1.90 percent and was followed by the Industrial, 1 percent; Financials, 0.52 percent; Mining and Oil, 0.48 percent; and Holding Firms, 0.35 percent.
Only the Property index finished the day on the red after it slipped by 1.23 percent.
Volume remains thin at 834.55 million amounting to P6.43 billion.
Decliners again led advancers at 110 to 89 while 52 shares were unchanged.
“Philippine shares rebounded on bargain hunting as investors digested new earnings from index names, with BDO and MER being the latest to report while awaiting the next batch companies reporting,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
On Monday, Sy-led BDO Unibank Inc. reported the rise of its net income to P32.4 billion as of end-September this year compared to the P16.6 billion a year ago due partly to the rise in gross customer loans.
Also, Manila Electric Company (Meralco) reported an 11 percent rise in consolidated revenues in the first nine months this year to P231.7 billion while consolidated core net income inched up by 15 percent to P18.1 billion.
Limlingan said the positive sentiments in the local bourse were also boosted by the same trend overseas “as US equities continued to challenge all-time highs”.
Relatively, the peso finished the trade at 50.761 from 50.68 a day ago.
It opened the trade little changed at 50.7 and traded between 50.795 and 50.63. Average level for the day stood at 50.721.
Volume totaled USD956.389 million, higher than the previous session’s USD923.4 million.*PNA