Index climbs on strong corporate earnings

MANILA, Philippines - The stock market continued to climb yesterday on the back of strong earnings from some of the country’s largest companies.

The Philippine Stock Exchange index (PSEi) climbed 0.31 percent, or 23.26 points, to finish at 7,573.26, while the broader All Shares index added 0.25 percent or 10.74 points at 4,336.53.

“Share prices dug a shallow hole at the opening of trades Monday, but neither bulls nor bears took definitive control. The pace picked up somewhat towards the closing bell with the bulls taking the day,” said Accord Capital Equities Corp. analyst Justino Calaycay Jr. said.

“Traders looked for catalysts in the earnings season which may finally start in earnest this month,” added Jason Escartin, investment analyst at F Yap Securities.

Blue chips such as Metro Pacific Investments Corp. and SM Prime Holdings Inc. both reported strong first half earnings results yesterday.

Abroad, most markets in the region fell as worries of weak Chinese economy resurfaced.

Locally, counters were dominated by the greens but two slipped in the negative territory.

Holdings firms led yesterday’s ascent with a 0.65 percent gain while mining and oil companies recorded the sharpest fall of 0.39 percent.

Decliners edged out advancers, 82 to 77, while 46 stocks were unchanged. Turnover value stood at P6.56 billion.