PSEi up 0.55% as market takes 2nd look at 3Q earnings

The Philippine Stock Exchange index (PSEi) advanced by more than half a percent in active trading Wednesday, buoyed by third quarter corporate results in the absence of market-depressing news. Investors started looking back at corporate earnings that were reported mostly in the last two months, because those reports were the basis of forecasts by analysts for the rest of the year, said Emmanuel Soller, a trader of Equitiworld Securities Inc. At this point, the market has “decoupled" itself from the negative developments in the US market, the euro-debt crisis, and the tensions from the Korean peninsula, Soller added. The PSEi gained 23.17 points or 0.55 percent to close at 4,221.09, according to the PSE online market information at 12:10 p.m. All sub-indices were also up. More than 1.32 billion shares valued at P7.81 billion changed hands. Gainers led losers 79 to 50, with 48 issues unchanged from Tuesday’s levels. In the absence of bad news, the market has turned to fundamentals that bring the current near-term outlook “northward," Equitiworld’s analyst said. — VS/JE/KBK, GMANews.TV