Stocks advanced in Friday morning trade, sustaining gains from Thursday’s rebound from a recent bout of profit-taking, with the strong performance of Asian markets and Wall Street overnight luring latecomers into the record-breaking Philippine market.
Expectations of positive first-quarter corporate earnings results, due out next month, are seen likely to power another index surge past the 8,000-point level.
At the noon recess, the main Philippine Stock Exchange index (PSEi) stood 0.29-percent or 22.69 points higher at 7,914.74. By 1:43 p.m., the index has gained 0.36 percent or 28.18 points at 7,920.23.
Earlier in the day, Asian stocks rose, with the regional benchmark index seen poised to post a fourth straight weekly advance. As of 9:30 am in Tokyo, the MSCI Asia Pacific Index was up 0.3 percent at 155.65.
Harry Liu, Summit Securities Inc. president, said he sees the local market’s rise being part of a “short-term rally” following a recent sell-off.
On Wall Street, the Dow Jones Industrial Average closed Thursday’s trade up 20.42 points, the S&P 500 gained 4.97 points and Nasdaq added 20.89 points.
Jonathan Ravelas of BDO said on Thursday an expected stream of first-quarter earnings results due beginning the end of this month through May could power the market back to the 8,000-point level.