Better corporate earnings results for 2013 helped drive the market back to the 6,500-point territory on Tuesday, largely unaffected by poor China data and the political crisis in Ukraine.
Astro del Castillo, First Grade Finance Inc. managing director, said improved earnings posted by a number of companies for 2013 buoyed investor confidence in the local market.
The Philippine Stock Exchange index (PSEi) rose 42.35 points, or 0.65 percent to close at 6,529.58, while the wider all-shares index climbed 18.50 points, or 0.47 percent to 3,915.22.
”Local share prices broke past the 6,500-[point]mark, sustaining the uptrend drawn since the December bottom. This, despite a drop in US stocks overnight,” Jun Calaycay, Accord Capital Equities, Corp. analyst, said.
Concern over poor trade data from China and the crisis in Ukraine had little effect on sentiment for Philippine equities, he said.
Chinese official figures released on Saturday showed that the world’s second biggest economy incurred an unexpected $22.98 billion trade deficit in February.
All the sectoral indices on the Philippine bourse ended in positive territory, with industrials showing the largest increase of 1.17 percent, or 115.08 points to 9,950.13, followed by holding firms, which gained 0.81 percent, or 47.73 points to 5,964.45.
The property counter improved by 0.47 percent, or 11.46 points to 2,453.87, and services rose 0.47 percent, or 9.05 points to 1,952.61. Mining and oil gained 0.25 percent, or 36.56 points to 14,562.31, while financials added 0.19 percent, or 2.94 points to 1,569.77.
Total volume of shares traded on Tuesday reached 926.6 million, valued at P8.2 billion. Advancers outnumbered losers, 87 to 78.
Some of the top gainers were Philippine Long Distance Telephone Co., International Container Terminal Services Inc., SM Investments Corp., Universal Robina Corp., Metropolitan Bank and Trust Co., LT Group Inc., BDO Unibank Inc., Petron Corp., Megaworld Corp., and Melco Crown Philippines Resorts Corp.
On Monday, the PSEi closed 5.40 points or 0.08 percent firmer at 6,487.23.