Upbeat corporate earnings lift PH stocks, peso

Stronger second-quarter corporate earnings reports from publicly listed firms lifted the local stock barometer and the local currency against the US dollar on Wednesday.

The Philippine Stock Exchange index (PSEi) rose 0.63 percent to 6,366.64 points, and the broader All Shares by 0.76 percent to 3,463.99 points.

Most sectoral gauges closed higher, led by Holding Firms, which rose 2.32 percent.

Financials followed with a 1.87 percent gain, alongside Mining and Oil, 1.25 percent; Property, 0.74 percent; and Industrial, 0.13 percent.

Services was the lone decliner, dipping 1.36 percent.

Trading volume breached the billion-share mark after several weeks, reaching slightly more than 1 billion shares valued at PHP17.61 billion.

Advancers led decliners at 111 to 84, while 49 shares were unchanged.

“The local index ended higher as investors continued to digest more corporate earnings, particularly from blue-chip counters. Stronger-than-expected results supported sentiment and encouraged selective buying across key sectors,” said Luis Limlingan, Regina Capital Development Corp. head of sales.

“Gains were sustained as investors remained optimistic about the earnings outlook despite lingering macroeconomic uncertainties.”

Meanwhile, the local currency gained against the greenback after ending the day’s trade at 61.18 from 61.26 on Tuesday.

It opened the day at 61.35, weaker than the previous session’s 60.9.

The peso traded between 61.41 and 61.18, resulting in an average of 51.32.

Volume reached USD1.46 billion, lower than the previous session’s USD1.6 billion.

-Joann Villanueva/Philippine News Agency