Philippines Stocks Up On Corporate Earnings

The local stock barometer returned above the 6,800-mark on Tuesday, as investors bet on favorable earnings results.

The Philippine Stock Exchange index (PSEi) advanced 36.26 points to 6,819.34 from previous day’s 6,783.08 finish.

“Earnings are beginning to make an impact on individual counters and this should further intensify in the coming days and weeks. The release of fourth-quarter 2015 figures should provide some positive distraction to the market from the pervasive negativity that greeted trades this year,” said Jun Calaycay of A & A Securities.

But Calaycay warned about the heightened possibility of a sudden pullback, as investors remain sensitive to the developments in China, the oil market, Europe, United States interest rates and now the emerging concerns over the health of the global economy.

All counters finished in the green, led by property sector that surged 1.79 percent.

Volume of transactions reached 1.84 billion shares valued at PhP12.56 billion.

Advancers dominated decliners, 107 to 69, while 42 issues unchanged. (PNA) LGI/LDV