Index breaks past 8,000 on positive Q3 earnings

The stock market opened the week on a strong note, breaching the 8,000 mark yesterday.

The benchmark Philippine Stock Exchange Composite index finished strong at 8,059.65, up 82.53 points or 1.03 percent on strong third quarter results by some listed firms.

The broader All Shares index likewise gained 44.25 or 0.92 percent to end at 4,831.70.

All sectoral indexes performed on a strong note as well, allowing the stock market to close in the green. Sectoral gauges that were among the biggest gainers were the services, mining and oil, industrial and property.

Total value turnover, meanwhile, reached P6.574 billion. Market breadth was positive 120 to 62 while 41 issues were left unchanged.

Traders said the general sentiment improved as US markets rose to all-time highs last week and because the initial reports of third quarter earnings proved to be strong.

SM Prime Holdings for instance reported an 18 percent growth in net income to P27.60 billion from P23.44 billion a year ago.

Consolidated revenue grew to P85.03 billion or a growth of 14 percent from P74.56 billion a year ago.

“Asian equities markets rallied higher (yesterday) as investors get more optimistic on US-China trade talks and better than expected US jobs data. Several major Asian indexes hit a 14-week high including the Philippines,” said Christopher Mangun of AAA Securities.

He said the PSEi ended higher as a majority of bluechips ended with gains.

“This came as the general sentiment improved as US markets ended last week at new all-time highs. Investors may also be optimistic about local data set to be released in the next few days,” he said.