RP stocks rise on earnings, Wall Street rebound

Share prices on the Philippine Stock Exchange rose for the fourth successive trading day Wednesday, buoyed by second quarter corporate earnings and a rebound overnight on Wall Street. The PSE index gained advanced by 32.55 points to close at 3,534.80, up near 1 percent from Tuesday’s close. More than 1.330 billion shares valued at P5.150 billion changed hands during Wednesday’s session. Gainers led losers 85 to 46 with 37 issues unchanged. "The sentiment is quite positive after stocks in the US market broke a five-day losing streak," said Jose L. Vistan, an analyst with AB Capital Securities Inc. Strong corporate earnings also helped New York stocks overnight, with the Dow Jones industrial average rising 103.84 points, or 1 percent, to 10,405.85. Most of the Philippine shares that performed well in Wednesday’s session were those that gave the market "positive surprises" and "better-than-expected" financial results in the second quarter, Vistan said. Still, the Philippine market now seemed overbought that a bit of profit taking may start setting in later this week, Vistan said, considering that the wave of corporate earnings and macro economic indicators should ebb in the meantime. —VS/OMG, GMANews.TV