The stock market on Wednesday posted modest gains as local buyers positioned themselves ahead of first quarter earnings results.
The benchmark Philippine Stock Exchange Index (PSEi) firmed 0.47 percent or 32.67 points to close at 6,948.18, while the wider All Shares inched up 0.45 percent or 17.94 points to end the day at 4,022.37.
Luis Limlingan, managing director at Regina Capital Development Corp., noted that the earnings consensus for average earnings of all listed companies for the first three months of the year percentage-wise would be in the low- to mid-teens in earnings growth, adding “So prospects are good.”
“More foreign investors sold shares today [Wednesday], while local investors were buying because of the earnings reports. They [local investors]are positioning themselves for first-quarter earnings,” Limlingan said.
The local buying was tempered by the foreign selling, resulting in only slight gains overall. Net foreign selling stood at P334 million.
“The character of the market at present is such that there is sufficient confidence in the resilience of the domestic economy to withstand external shocks, even as attention remains heightened and reactions sensitive to headwinds,” Jun Calacay, head of research and market at A&A Securities Inc., said.
Total value turnover was strong at P8.315 billion, with winners outnumbering losers, 105 to 86, while 31 issues were unchanged.
All sub-indices ended in positive territory, except for mining and oil firms, closing down 1.34 percent and the services sector down 0.87 percent.