PSEi up; earnings reports awaited
THE stock market regained strength on Tuesday with investors said to be anticipating strong earnings results from listed firms..
The Philippine Stock Exchange index (PSEi) inched up 0.17 percent or 12.24 points to close at 7,381.68 while the broader All Shares eked out 0.06 percent or 2.78 points to end at 4,465.38.
“The market ended on the upside today in anticipation of good earnings for the second quarter after data showed manufacturing output up by double digits and robust infrastructure spending,” Diversified Securities, Inc. trader Aniceto Pangan said.
IB Gimenez Securities, Inc. research head Joylin Telagen echoed the view and added thatinvestors were also waiting for news about US Federal Reseve Chairman Jerome Powell’s semiannual report to Congress.
The US central bank chief was set to testify before a US Senate panel on Tuesday, US time, and a US House panel on Wednesday.
Sectoral results were mixed with holding firms, financials, and mining and oil down by 0.27 percent, 0.03 percent and 0.01 percent, respectively.
Volume turnover was thin with only 456 million issues valued at P3.58 billion traded.
Winners led losers, 91 to 90, while 55 issues were unchanged.
The post PSEi up; earnings reports awaited appeared first on The Manila Times Online.