MANILA, May 13 (PNA) — Share prices on the Philippine Stock Exchange (PSE) sustained a third day of slight uptrend and regained the 7,800-mark on Wednesday, driven by positive sentiment over corporate earnings and some buying activity in select stocks.
The benchmark PSE index advanced 13.80 points to 7,808.35 from previous day’s 7,794.55 close.
Local brokerage firm RCBC Securities Inc. said the local bourse bucked the overnight drop on Wall Street due to buying activity on shares of conglomerate GT Capital Holdings Inc.
GT Capital, which operates in the banking, automotive, power generation, property development and life and non-life insurance, has been included in the Morgan Stanley Capital International (MSCI) following its strong first-quarter results.
The conglomerate led the day’s top active stocks, followed by Metropolitan Bank & Trust Company, Universal Robina Corp., Philippine Long Distance Telephone Company and Lopez Holdings Corp.
“First-quarter earnings expectations have started streaming in and will give a better indicator on market sentiment moving forward,” said DA Market Securities.
Counters were mixed, with property and financials declining slightly.
The sub-indices of other sectors closed slightly higher.
Value turnover reached Php10.66 billion with 1.12 billion shares changing hands.
Advancers almost equaled decliners, 90 to 89, while 49 issues were unchanged. (PNA)