Stocks rise ahead of earnings season

MANILA, Philippines — The Philippine stock market opened the week in the black, closing at the 6,000 mark ahead of the release of financial results for the third quarter.

The benchmark Philippine Stock Exchange Composite index (PSEi) finished at 6,028.79, up 45.23 points or 0.76 percent.

The broader All Shares index gained 21.63 points or 0.68 percent to finish at 3,216.67.

Traders said the mood was upbeat as stock market investors were generally positive about companies’ third quarter earnings results.

“Moreover, the government’s announcement that it was prepared to defend the peso from failing to P60 levels against the US dollar boosted sentiment,” said Philstocks Financials.

Regina Capital said investors in the US are also looking at a handful of economic data this week including manufacturing and home sales as well as economic data.

Most of the sectors ended in the green as well except for mining and oil.

Asian shares were mixed yesterday, as benchmarks fell in Hong Kong and Shanghai after Beijing reported that the Chinese economy gained momentum in the last quarter.

Benchmarks were higher in Tokyo, Sydney and Seoul. Oil prices fell. Market watchers are keeping a cautious eye on inflationary pressures and any signs of risk for regional slowdowns.

The second-largest economy grew at a 3.9 percent annual pace, up from the previous quarter’s 0.4 percent, but that still was among the slowest expansions in decades as the country wrestled with repeated closures of cities to fight virus outbreaks.

Wall Street ended last week with a broad rally, with technology stocks, retailers and health care companies powering a big share of the gains.

Investors have been focusing on corporate earnings as they search for clues about how inflation and rising interest rates are shaping global economies.

The Federal Reserve is expected to raise interest rates another three-quarters of a percentage point at its meeting in November. That’s triple the size of the Fed’s usual move.