Stocks advance anew on rosy corporate earnings

MANILA, Philippines —  Local stocks advanced for a second consecutive session as rosy corporate earnings provided a boost to investor sentiment.

The Philippine Stock Exchange index settled at 6,897.36, up by 0.62 percent or 42.70 points.

The broader All Shares index tracked a similar upward path, gaining 0.51 percent or 18.40 points to close at 3,600.10.

“Philippine shares closed in the green once more, brushing off the weakness in the US tech sector as domestic corporate earnings continued to come in within expectations or better,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said the local bourse managed to extend its gains due primarily to property stocks.

Alviar said SM Prime Holdings, one of the heavyweights in the market, posted the most significant gain of 2.74 percent among the index members.

“The possible interest rate cut by the Bangko Sentral ng Pilipinas, coupled with their strong 2023 earnings result so far, are boosting investors’ sentiment in property stocks,” Alviar said.

“Moreover, foreign investors have been consistently participating in the market, recording a net foreign buying of P505.86 million for the day. This positive trend has persisted since the beginning of February, establishing foreigners as net buyers,” she said.

Net market value turnover, however, remained thin at P4.2 billion.

Property index led the charge with a 1.89 percent surge, followed by financials, which rose by 1.13 percent.

Services, meanwhile, suffered the biggest drop of 1.69 percent, followed by mining & oil, which retreated by 0.78 percent.

Decliners edged out advancers in a tight contest, 93 to 91, while 50 issues were unchanged.