RP stocks surge to new record in 2nd straight day

The Philippine Stock Exchange index rallied further in active trading Wednesday on prospects of robust corporate earnings in the third quarter, pushing the PSEi to a record high for the second consecutive day. The PSEi gained 40.12 points or 0.92 percent to close at 4,381.86, overshadowing the Tuesday’s record close at 4,341.74. More than 1.363 billion shares valued at P5.757 billion changed hands. Advancers outpaced decliners 87 to 52, and 38 issues remained unchanged. The market is upbeat on corporate earnings, spurring follow-through buying, said analysts Martin Santos of First Metro Securities Brokerage Corp. Stronger-than-expected corporate results could set the tone for investors waiting to enter the market, he said. AB Capital Securities Inc. analyst Maria Arlysa Narciso said the PSEi may keep moving positively for the week as companies report on their earnings. “The firms’ performances reflect the good economic and business condition," she said. Narciso noted that chart support is at 4,250 while resistance is at 4,365. — VS, GMANews.TV