Index climbs ahead of earnings reports

MANILA, Philippines - Investors took market positions ahead of the deluge of earnings reports next week, allowing the main index to firm up its hold on the 6,100 level.

The Philippine Stock Exchange index rebounded 0.20 percent or 11.94 points to 6,113.66, the seventh in the last eight trading days that the benchmark index ended in positive territory.

The broader all shares index added 0.19 percent or 6.87 points to 3,705.56.

Astro del Castillo, managing director of First Grade Finance Inc., said investors were optimistic on fourth quarter corporate earnings, prompting some to accumulate stocks.

“There was also a string of good news,” Del Castillo said, adding that external factors continue to influence the local bourse.

On Thursday, Wall Street recovered as improvement in select stocks outweighed reports that US retail sales fell in January due to cold weather.

The Dow Jones industrial average picked up 0.4 percent or 63.65 points to 16,027.59, while the broader Standard & Poor’s 500 index gained 0.6 percent or 10.57 points to 1,829.83.

Asian markets were mixed yesterday, with Japan’s Nikkei 225 in the green while Hong Kong’s Hang Seng index declined.

Turnover slipped to P4.93 billion from P5.13 billion on Thursday. Advancers outpaced decliners, 82 to 59, while 49 stocks did not change.

Most active stocks were in the green, led by property giant Ayala Land Inc. (+0.77 percent), Universal Robina Corp. (+1.87 percent) and Robinsons Retail Holdings Inc. (+0.49 percent). But top-traded and index heavyweight PLDT (-0.30 percent) and JG Summit Holdings Inc. (-0.24 percent) closed lower.