PH stocks up on US earnings reports; peso weakens

PH stocks up on US earnings reports; peso weakens

MANILA – The Philippines Stock Exchange index (PSEi) closed higher Wednesday as investors bet on positive earnings reports of listed firms in the United States while the peso ended sideways against the greenback.

The local stock barometer went up by 0.42 percent, or 30.77 points, to 7,297.08 points.

All Shares inched up by 0.33 percent, or 14.84 points, to 4,466.24 points.

Most of the sectoral indexes also gained during the day, namely the Holding Firms, 0.79 percent; Industrial, 0.49 percent; Property, 0.46 percent; and Services, 0.07 percent.

On the other hand, Mining and Oil fell by 2.52 percent and Financials by 0.11 percent.

Volume reached 1.34 billion shares amounting to PHP9.44 billion.

Advancers led decliners at 106 to 80, while 52 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, partly attributed the rise in the local bourse’ main index to investors taking notice of the strong earnings reports in the US.

He, however, cited that “while earnings took center stage, government data showed home construction slowed in September on a sharp drop off in building of apartments.”

Housing starts in the US showed a 1.6-percent drop to 1.56 million last September, lower than the downwardly revised 1.58 million in the previous month.

“Asian markets generally tracked the gains as the focus on corporate earnings helps to ease some of the concerns over inflationary pressure in the global economy,” Limlingan added.

Meanwhile, the local currency finished the trade at 50.79 to a US dollar, sideways from its 50.72 close on Tuesday.

It opened the day at 50.78 and traded between 50.85 and 50.75.

Its average level during the day stood at 50.802.

Volume declined to USD781.67 million compared to USD999 million in the previous session. (PNA)

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