RP share prices close higher on corporate earnings

Share prices on the Philippine Stock Exchange closed higher Tuesday, driven by strong corporate earnings for the first half of the year and a bit of aggressive buying by foreign brokers. The Philippine Stock Exchange index advanced by 22 points to close at 3,502.25, up 0.65 percent from Monday’s close. More than 1.196 billion shares worth over P4.101 billion changed hands. Winners led losers 71 to 60 while 43 issues were unchanged. The market is experiencing a period of strength fueled by the strong financial performance of listed companies, according to Tess Ilagan, a trader of BDO Securities Inc. Foreign brokers were observed aggressively buying during the opening session. "I think they see a lot of upside potential for individual stocks," Ilagan said. She noted that Philippine stocks are trading quite cheap on a price-earnings ratio of 10.7. That certainly means that the market has strong upside potential she added. —VS, GMANews.TV