PSEi boosted by positive earnings data

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SHARE prices recovered on Thursday with the bellwether Philippine Stock Exchange index rising 0.13 percent or 11.33 points to close at 8,519.82.

The wider All Shares grew 0.18 percent or 8.79 points to finish at 4,979.82.

“[B]uying momentum continued with the PSEi trading at record highs once again ahead of the Asean (Association of Southeast Asian Nations) Summit and more earnings announcements,” an analyst from Regina Capital Development Corp. said.

Philstocks senior research analyst Justino Calaycay Jr. echoed the view, saying that latest earnings disclosures had prompted investors to purchase shares.

“I would say some of the earnings numbers that came up early today gave encouragement to investors. We saw positive (figures) from … PLDT, for example,” he added.

The Pangilinan-led telecommunications firm reported 38 percent growth in net income to P21.9 billion for the first nine months of the year.

Sectoral results were mixed on Thursday, meanwhile, with mining and oil, financials and industrials posting declines.

More than 1.5 billion shares valued at P9.3 billion were traded. Losers led winners, 114 to 93, while 37 issues were unchanged.

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