Index gains amid positive news

The stock market was off to a good start yesterday, coming from the long holiday and with expectations of better-than-expected third quarter corporate results.

In addition to this, the government is set to release the inflation figures in October, which according to the Department of Finance likely eased to 6.5 percent for the month from a nine-year high of 6.7 percent in September and 6.4 percent in August.

Thus with a string of good news, the benchmark Philippine Stock Exchange index rose by 73.15 points, or 1.02 points, to finish at 7,213.44.

The broader All-Shares index also tracked the positive momentum, gaining 20.99 points or 0.48 percent to close at 4,391.45.

The sectoral indices also mostly rallied led by the services and the mining and oil gauges.

Total value turnover surged to a whopping P22.56 billion, including a block transaction of Energy Development Corp.

Advancing stocks outpaced decliners, 100 to 93 while 44 issues were unchanged.

“It looks like all the index needed was a good long rest from the extended weekend as it surged by as much as 102 points at its intraday high yesterday, before closing slightly lower at 7,213.44 – a standout among regional markets which traded in the red today,” Gabriel Perez of Papa Securities said.