Strong earnings results of major companies drove the stock market back to the 8,000-point level, with blue chips SM, ALI and BPI leading the rally.
The benchmark Philippine Stock Exchange index rose 0.77 percent or 61.48 points to 8,055.06 at the close of Tuesday’s trade, while the wider All Shares index gained 0.44 percent or 20.86 points to 4,778.56.
Lexter Azurin, assistant vice president and research head of Unicapital Securities Inc., Tuesday’s trading was led by positive earnings of companies, boosting buying sentiment.
“The rally today is earnings related, led by companies such as SM, ALI, and BPI,” Azurin said in a text message.
Major companies that posted second-quarter reports during the trading session included Ayala Land Inc. or ALI, SM Investments Corp., Jollibee Foods Corp., International Container Terminal Services Inc., and BDO Unibank Inc., among others.
“With the prospects of better-than-expected first-half earnings results, the market is likely to retest its recent highs,” Azurin added.
Services, and Mining and Oil subindices fell, while Financials, Industrial, Holding Firms and Property all ended in positive territory.
Only Ayala Corp. and Globe Telecom Inc. registered trading losses, while the rest of the most actively traded stocks gained. The day’s eight major advancers were ALI, SM, BPI, GT Capital Holdings Inc., Metro Pacific Investments Corp., Universal Robina Corp., SM Prime Holdings Inc., and Megaworld Corp.
Total volume turnover 1.96 billion traded shares, valued at P9.51 billion. Advancers and decliners were almost even 93 against 99 — while 42 issues were unchanged.
On Monday, the PSEi closed 0.29 percent or 23.23 points higher at 7,993.58, while the broader All Shares index rose 0.35 percent or 16.75 points to 4,757.70.