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Philippine stock market up on Tuesday on back of strong earnings

Xinhua, August 9, 2016 Adjust font size:

The Philippine stock market posted gains on Tuesday on the back of strong earnings from listed firms.

The bellwether Philippine Stock Exchange index added 0.77 percent or 61.48 points to 8,055.06, while the broader all-share index was up by 0.44 percent or 20.86 points to 4,778.56.

Trading volume reached 1.96 billion shares worth 9.51 billion Philippine pesos with 93 stocks advancing, 99 declining, and 42 were unchanged.

Of the six counters, only the services and the mining and oil sector bucked the trend. The two sectors respectively dropped by 0.35 percent and 1.57 percent.

Online brokerage 2TradeAsia.com said investors are turning into corporate leads given the absence of market-moving economic data.

"Players will turn their sentiment over the latest earnings report of companies," 2TradeAsia.com said.

Stocks in the 30-company index were mostly up. These include SM Investments Corp., Megaworld Corp., and SM Prime Holdings, Inc. Endit