PSEi recovers, pulled up by US counterparts

The local bourse made a comeback on Wednesday as investors cheered the US market’s performance while anticipating upcoming corporate earnings results both here and abroad.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.31 percent, or 20.62 points, to 6,687.71.

Meanwhile, the broader All Shares Index inched up by 0.24 percent, or 8.69 points, to close at 3,594.62.

A total of 694.38 million shares worth P4.22 billion changed hands as foreigners made net purchases worth P715.58 million, stock exchange data showed.

Claire Alviar, research analyst at Philstocks Financial Inc., said major US markets—the Dow Jones Industrial Average, Nasdaq and S&P 500—ended in the green overnight, after several big companies reported better-than-expected profits.

The Philippines will also be entering another earnings season in the coming weeks as local companies release their first-half performance.

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“Moreover, sentiment was further lifted as some institutions maintained their economic growth projections for the Philippines,” Alviar added.

The Asean+3 Macroeconomic Research Office (Amro) said in a recent report that it expected a 6.1-percent growth for the Philippines this year, lower than its previous 6.3-percent projection. Amro noted, however, that the Philippines would be the second-fastest growing economy in the region this year after Vietnam.

Sy family-led SM Investments Corp. was the top-traded stock as it gained by 2.56 percent to P923 per share.