October 23, 2024 | 12:00am
MANILA, Philippines — Share prices advanced as investors anticipate the influx of good third quarter earnings results of listed companies in the coming days.
The Philippine Stock Exchange index (PSEi) inched up by 0.09 percent or 6.53 points to close yesterday’s session at 7,413.16.
The broader All Shares index also finished in the winning column, higher by 0.13 percent or 5.21 points at 4,085.50.
“The PSEi was modestly higher after mostly correcting lower for most days since last week, which is considered a healthy profit-taking after gaining for most trading days since early August 2024,” RCBC chief economist Michael Ricafort said.
While investors remain on the lookout for fresh catalysts, analysts said yesterday’s gains were reflective of their expectations of positive third quarter corporate results.
Net value turnover amounted P5.24 billion, significantly higher from the previous day’s P2.89 billion.
Most sectors, however, were in the red, with financials posting the biggest decline at 0.50 percent.
Services and industrials, meanwhile, were up by 1.21 percent and 0.68 percent, respectively.
Market breadth was positive as advancers beat decliners, 99 to 94, while 55 shares were unchanged.
BDO was the top traded company, slipping by 0.61 percent to P164 per share, followed by Ayala Land with a 0.56-percent decline to P35.80.
Monde Nissin led the index members with a 3.94-percent jump, while Nickel Asia lost the most with 2.88 percent.
Be the first to comment