Stocks rise for third straight day

MANILA, Philippines — Stocks rose for the third straight session yesterday as investors focused on corporate earnings and the bullish mood on Wall Street.

“Philippine shares traded slightly up after the new string of positive corporate earnings results overshadowed investor concerns over the COVID-19 and Chinese regulatory action against technology stocks. Investors are also monitoring the US market since equities in the country are trading near all-time highs,” said Luis Limlingan of Regina Capital.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,585.21, up 25.15 points or 0.38 percent while the broader All Shares index gained 18.77 points or 0.46 percent to close at 4,059.59.

“The local market remained in the positive territory led by ICTSI, BDO and SM Prime, accounting for 28 points of the total rally,” AB Capital Securities said.

Total value turnover reached P4.641 billion.

Market breadth was positive, 115 to 73, while 46 issues were unchanged.

Foreign funds were net buyers for the third consecutive day with P84 million.

In Asia, stocks were mostly higher as traders mirrored overnight gains on Wall Street during another busy earnings week.

Traders are awaiting US jobs data due Friday. They are also watching the coronavirus’ Delta variant spreading in the US, Europe and Asia, and particularly in China.

Although China’s recent outbreak is small, it is the worst China has had since the pandemic’s emergence in the central city of Wuhan a year and a half ago.

“The small but significant rise in cases in China is grabbing attention,” Robert Carnell of ING said in a note.