Market extends winning streak

Positive sentiment on earnings results of local companies pushed the stock market above the 6,900 level, extending its winning streak to a third straight day.

The Philippine Stock Exchange percent or 5.79 points to settle at index posted a slight gain of 0.08 6,903.15, while the All Shares index finished at 3,601.83, up 0.05 percent or 1.73 points.

“The local market inched up, driven by optimism on the corporate sector’s fourth quarter/full year 2023 performance results as initial results have been positive so far,” Claire Alviar of Philstocks Financial said.

Alviar said the anticipation aided the bourse to close at 6,900 level and join most of the regional peers in the green territory.

Higher vehicle sales in January also boosted the positive sentiment as it implied that spending remained strong, she said.

Alviar said Thursday’s net value turnover stood at P4.67 billion, higher than the year-to-date average of P4.55 billion.

Local counters were mixed, with three finishing with gains, while the other three were in the red.

Holding firms led those in the green with a 0.67 percent increase, while financials suffered the biggest drop at 0.45 percent.

Market breadth stayed positive as advancers edged out decliners, 98 to 88, while 49 stocks did not change.

GT Capital posted the largest gain among index members with 4.06 percent, while Wilcon Depot lost the most with 1.53 percent.

Among the most actively traded stocks were Metrobank (up 2.30 percent), Ayala Land (up 2.25 percent), BDO (down 1.27 percent) ICTSI (down 1.36 percent) and SM Prime (down 0.89 percent).