Philippine shares sustained their run-up for the fourth straight day on Wednesday on continued optimism provided by satisfactory corporate earning results.
The Philippine Stock Exchange index (PSEi) climbed by 1.63 percent, or 100.65 points to 6,294.62, while the broader all-shares index increased by 1.44 percent, or 54.09 points to 3,768.30.
“Share prices continued to push north, posting its second-biggest single-day advance index-points-wise this year and extending the run to a fourth straight session, and ninth in the last 10 trading days,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
According to him, investors appear to have set aside their fears at the moment, shifting focus on corporate earnings, which so far has met or even exceeded expectations.
“The global news cycle has likewise turned positive, paving the way for the bulls’ march north,” Calaycay added. It was also a buoyant end for all the sectoral indices with property still having the largest gain, surging by 2.68 percent, or 62.61 points to 2,401.04, followed by holding firms, which soared by 2.10 percent, or 116.79 points to 5,691.16.
Industrial ascended by 1.45 percent, or 135.20 points to 9,467.02, and mining and oil expanded by 0.86 percent, or 121.83 points to 14,241.88. Financials improved by 0.85 percent, or 13.05 points to end at 1,547.55, while services climbed by 0.52 percent, or 9.85 points to 1,892.61.
Market turnover improving to P8.8 billion, while gainers beat losers, 110 to 52. Only 42 issues were unchanged. Some of the top gainers on Wednesday were Ayala Land Inc., Alliance Global Group Inc., Ayala Corp., Universal Robina Corp., Megaworld Corp., Metro Pacific Investments Corp., Manila Electric Co., Aboitiz Power Corp., Semirara Mining Corp., Cosco Capital Inc., JG Summit Holdings Inc. and Bank of the Philippines Islands.
On Tuesday, local market participants opted to take cue from corporate earnings while Wall Street went on a holiday break for
President’s day. This caused the PSEi to rise by 0.42 percent, or 26.15 points to 6,193.97, while the broader all-shares barometer went up by 0.28 percent, or 10.60 points to end at 3,744.21.