Stocks rise on positive corporate earnings results; peso slips

Stocks rise on positive corporate earnings results; peso slips

MANILA – The local main equities index gained anew on Wednesday partly on positive domestic corporate earnings reports but the peso weakened against the US dollar.

The Philippine Stock Exchange index (PSEi) rose by 0.38 percent, or 25.15 points, to 6,585.21 points.

All Shares followed with a jump of 0.46 percent, or 18.77 points, to 4,059.59 points.

Most of the sectoral indexes also gained during the day, led by the Services with 1.86 percent.

It was trailed by the Mining and Oil, 0.86 percent; Financials, 0.77 percent; Industrial, 0.37 percent; and Holding Firms, 0.06 percent.

Only the Property index ended in the negative territory after it slipped by 0.11 percent.

Volume totaled 1.1 billion shares amounting to P4.64 billion.

Gainers led losers at 115 to 73, while 46 shares were unchanged.

“Philippines shares traded slightly up after the new string of positive corporate earnings results overshadowed investor concerns over the coronavirus and Chinese regulatory action against technology stocks,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Among the other factors that investors looked at include the record-high performance of US equities to date and the rise in coronavirus disease 2019 (Covid-19) infections due to the Delta variant, he added.

Meanwhile, the local currency ended the trade at 49.75 to a US dollar, weaker than its 49.61 close on Tuesday.

It opened the day sideways at 49.85 and traded between 49.85 and 49.59. This resulted in an average of 49.717.

Volume totaled to USD1.041 billion, lower than the USD1.098 billion in the previous session. (PNA)

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