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Stocks rebound on strong Q3 results

The PSEi gained 11.33 points, or 0.13 percent, to finish at 8,519.82 while the broader All Shares index rose 8.79 points, or 0.17 percent, to finish at 4,979.82. File

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) rebounded yesterday on strong third quarter income results, analysts said.

The PSEi gained 11.33 points, or 0.13 percent, to finish at 8,519.82 while the broader All Shares index rose 8.79 points, or 0.17 percent, to finish at 4,979.82.

The index got a boost from the holding firms, property and services indexes which ended in positive territories.

Total value turnover stood at P9.32 billion. Losers outnumber gainers, 114 to 89 while 37 issues were left unchanged.

Traders said market investors are generally upbeat on strong third quarter results and are likewise positive on the upcoming meeting of the Association of Southeast Asian Nations (ASEAN) in the country.

Traders said the hosting of the summit would be positive for the country as it puts the economy on the radar screen of investors.

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The theme “Partnering for Change Engaging the World” reflects the government’s advocacy to promote unity with and among ASEAN member states and its global partners.

Adding to the optimism, some companies have already reported third quarter earnings which turned out to be in line with expectations and some even better.

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