MANILA -- The peso sustained gains against the greenback while the Philippine Stock Exchange index (PSEi) resumed its rally above the 8,000-mark to finish at a two-month peak on Monday due to strong third-quarter corporate earnings results.
“Investor confidence is returning to our market, with the PSEi closing at 8,059, the highest level since August this year,” said AAA Equities president William Matthew Cabangon in an interview.
The PSEi increased 82.53 points or 1.03 percent from Thursday’s 7,977.12, and Wednesday’s 8,020.06. Friday (Nov. 1) was a holiday as the country celebrated All Saints’ Day.
Monday’s close was the highest since the local stock barometer surged to 7,979.66 last Aug. 30.
Cabangon noted that as regional neighbors like Hong Kong dive into recession, index of SM Prime Holdings (SMPH) and Security Bank Corporation (SECB) continue the trend of strong corporate earnings in the country.
Net income of SMPH and SECB both surged 22 percent in the third quarter.
“Strong corporate earnings across-the-board have allayed fears of an economic slowdown in the Philippines and is bringing back investor confidence,” he added.
All sectors ended the day in a positive territory, with most index rising above 1 percent while holding firms gaining 0.40 percent.
Meanwhile, the peso appreciated to 50.5 Monday from 50.74 Thursday.
It traded between 50.6 and 50.43, resulting in an average of 50.495.
Trading volume totaled to USD869.5 million, higher than Thursday’s USD1.16 billion. (PNA)
