PSEi Closes at New High for 2016 on Corporate Earnings

Philippine stocks closed at another record high for the year on Wednesday on positive second-quarter corporate earnings.

The local stock barometer advanced 15.96 points to 8,051.97 from previous day’s 8,036.01 finish.

“With corporate earnings expected to flow in, the PSEi probably will pierce the all-time high (of 8,127 achieved in April last year) within the next 10 days,” said First Grade Finance Inc. managing director Astro del Castillo in an interview.

Del Castillo said any positive new developments from President Rodrigo Duterte, particularly during his first State-of-the-Nation Address on Monday, could also provide further boost to the local bourse.

Victor Felix, equity analyst at AB Capital Securities, attributed the market gains to the positive second-quarter earnings results that have started to be released.

“And investors may be positioning ahead of more favorable results later this month. That said, selling pressure remains in trading, with investors seeing the 8,000 level as a chance to take profit, considering that this week is data-light in terms of macroeconomic news,” he said.

Counters were mixed, with the financials, industrial, holdings firms and property closing in the green; while the services and mining and oil finished in negative territory.

Value turnover reached Php8.81 billion as 1.56 million shares changed hands.

Advancers dominated decliners, 113 to 84, while 54 issues unchanged. (PNA) RMA/LDV