Philippine Stock Exchange, Bonifacio Global City | INQUIRER PHOTO/LYN RILLON
Positive third-quarter earnings results from the country’s biggest banks managed to pull the bourse from the red territory on Monday.
The benchmark Philippine Stock Exchange Index (PSEi) added 0.40 percent, or 29.01 points, to close at 7,343.24.
Article continues after this advertisementLikewise, the broader All Shares Index climbed by 0.47 percent, or 18.93 points, to 4,036.20.
FEATURED STORIES BUSINESS BCDA still finalizing plans to re-develop Market! Market! BUSINESS Cracking down on cybercrime: Industry collaboration for a secure digital banking ecosystem BUSINESS BIZ BUZZ: Global brainstorming club comingA total of 873.27 million shares worth P4.13 billion changed hands, stock exchange data showed.
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Article continues after this advertisementLuis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi’s recovery was brought about by optimistic earnings results, particularly from BDO Unibank Inc.
Article continues after this advertisementThe country’s largest bank again posted the highest nine-month earnings in Philippine corporate history, ending the period with P60.6 billion in net income, up by 12 percent.
Article continues after this advertisementUnion Bank of the Philippines and Philippine National Bank likewise booked higher profits.
Bank of the Philippine Islands was the most actively traded stock as it gained 0.96 percent to P147.40 per share.
Article continues after this advertisementIt was followed by BDO, up 0.19 percent to P160; International Container Terminal Services Inc., up 0.24 percent to P413.80; GT Capital Holdings Inc., up 1.89 percent to P728; and SM Investments Corp., up 0.10 percent to P964.
Semirara Mining and Power Corp. was down 4.46 percent to P32.15; SM Prime Holdings Inc., up 0.98 percent to P30.90; Ayala Land Inc., down 0.57 percent to P34.60; Ayala Corp., flat at P720; and Universal Robina Corp., up 1.51 percent to P101 each.
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There were 99 losers against 90 gainersuna game, while 55 companies were unchanged at closing, stock exchange data also showed.
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