Share prices sustain upward momentum

MANILA, Philippines — The local stock market managed to sustain its upward momentum yesterday although gains were tempered by  some profit taking.

Traders said strong corporate earnings, especially from banks and corporates, encouraged investors to go back to the market.

The benchmark Philippine Stock Exchange index (PSEi), finished at 7,413.00, up 16.06 points or 0.21 percent.

Likewise, the broader All Shares index rose 13.78 points or 0.31 percent to close at 4,375.87, higher by 13.78 points or 0.31 percent.

However, the sectoral gauges ended mixed, with the holding firms, services and industrial indexes all ending in the red, while the property, financials and mining and oil, finishing in positive territory.

Total value turnover reached P5.791 billion. Market breadth was positive, 90 to 84, while 54 issues were left unchanged.

“Robust 2019 earnings led by the banks and properties sent the local market higher today by 16.06 points at 7,413.00. Volume and value turnover posted 1.9 billion and P5.8 billion, respectively,” Philstocks Financials said in a report.

In terms of specific issues, shares of embattled ABS-CBN Corp. rose 20.44 percent to P21.80 as hopes for its franchise renewal strengthened after President Duterte’s former special assistant Sen. Bong Go urged lawmakers to tackle the pending franchise bills of the media giant.

Shares of Robinsons Retail Holdings Inc. rallied as well, rising by 1.54 percent to P72.40 after the company disclosed yesterday that its wholly owned subsidiary Robinsons Supermarket Corp. has divested its entire shareholdings in Chic Centre Corp.

“As Robinsons Supermarket focuses on its core business, Chic Center, a company engaged in manufacturing, is no longer aligned with its core capabilities which is retailing,” Robinsons said.