PHL Stocks Extend Gains to 3rd Day

Local share prices extended their win streak to a third day on Thursday ahead of the third-quarter earnings reports and driven by stimulus hopes from China and Japan.

The barometer Philippine Stock Exchange index (PSEi) advanced 24.88 points to 7,117.78 from prior day’s 7,092.90 close.

”The movements are consistent with our belief that the index should make a serious attempt at the 7,200-levels -possibly restoring the market to year-to-date gains – ahead of the release of third-quarter corporate earnings and the all-important same period GDP (gross domestic product),” said Jun Calaycay of Philstocks Financial Inc.

Brokerage firm 2tradeasia.com said bulls from the previous session continued to buoy sentiment, driven by speculation of further stimulus both from China and Japan.

All sectors were in the positive territory, led by mining and oil that surged 1.34 percent.

The volume turnover was thin at 794.04 million shares valued at PhP5.69 billion.

Market breadth was negative with decliners outpacing advancers, 93 to 82, while 42 issues unchanged. (PNA) LGI/LDV