PH shares pack more gains on Wall St rise, strong earnings

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Philippine shares on Friday packed on more gains in a fifth-day advance, tracking Wall Street’s gains overnight and backed by strong local corporate earnings for the first quarter.

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The Philippine Stock Exchange index (PSEi) rose 0.64 percent or 50.51 points to close at 7,881.95, while the All Shares index inched up 0.52 percent or 23.63 points to 4,546.13.

“We tracked bullish US sentiment and gains last night,” Alexander Adrian Tiu, analyst at AB Capital Securities Inc., said.

On Thursday (Friday in Manila) US shares jumped after data on the producer price index showed a 0.4 percent dip in April, taken as an indication that the Federal Reserve may delay a hike in interest rates until later in the year.

“Another factor were the positive corporate earnings for the first quarter,” Tiu added.
All indices posted gains, led by the mining and oil sector with a 1.14 percent increase. Property climbed 0.99 percent, holding firms 0.95 percent, industrial 0.68 percent, services 0.60 percent, and financials 0.12 percent.

Among individual companies, Cebu Air Inc. made the biggest advance among the most actively traded stocks, rallying 6.11 percent. Other major gainers on Friday were Semirara Mining and Power Corp., up by 3.16 percent, and Energy Development Corp., which rose 2.82 percent.

Trade volume on Friday reached 549 million shares valued at P7.61 billion. Advancers outnumbered decliners 104 to 69, while 49 issues ended unchanged.

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