Trading week opens on positive note

MANILA, Philippines — The stock market opened this week’s trading on a positive note as the Philippine Stock Exchange index (PSEi), the local stock market barometer, gained 84.64 points or 1.18 percent to finish at 7,236.16.

Likewise, the broader All-Shares gauge was up 39.08 points or 0.90 percent to end at 4,398.73.

The sectoral indices were likewise mostly in the green at the end of yesterday’s session except for the mining and oil index.

However, total value turnover remains anemic at P4.447 billion, an indication that market investors are still waiting for catalysts to really go back into the market.

Nevertheless, market breadth was positive as advancing stocks outpaced decliners, 107 to 83, while 38 issues were unchanged.

Philstocks Financials said anticipation of strong third quarter corporate earnings pushed the market up. Index heavyweights SM Investments Corp. and SM Prime Holdings helped in lifting the market after SM Prime reported a 20 percent net income growth in the third quarter and a 17 percent net income growth in the nine-month period.

Market investors are hoping SM Prime’s results would just be the first in a string of strong corporate third quarter earnings by listed firms.

SM Prime reported yesterday a 17 percent increase in its consolidated net income in the nine months to September to P23.44 billion from P20.05 billion a year ago.

Consolidated revenues rose 15 percent to P74.56 billion from P64.69 billion a year ago.

In the third quarter alone, SM Prime reported a 20 percent net income growth to P6.82 billion from P5.66 billion a year ago.