PSEi climbs on corporate results optimism

The Philippine Stock Exchange index surged 1.58 percent on Wednesday as investors scouted for fresh buying opportunities in anticipation of positive corporate earnings results. Prince Yeung, AB Capital Securities Inc. analyst, said stocks were traded on an upbeat note as investors "have been keenly awaiting for earnings results of listed companies." The PSEi added 60.58 points to close at 3,891.07, according to the PSE's online market information as of 12:10 p.m. Value turnover reached P4.077 billion, with more than 7.967 billion shares changed hands. There were 76 advancers, 38 decliners, and 62 issues unchanged during Wednesday's trading session. Still, investors should not shrug off external developments such as in Egypt, Yeung pointed out. Demonstrators from all segments of Egyptian society have taken to the streets for more than a week seeking for the departure of President Hosni Mubarak. Equitiworld Securities Inc. trader Emmanuel Soller said the downtrend last week was due to "negative developments" abroad. "But they remain more pressing and more critical factors." Soller said the PSEi has room to move lower but should find support at 3,888. Long-term outlook remains positive and investors can take last week's downtrend as an opportunity to start accumulating "fundamentally sound" stocks, AB Capital said in a report. — JE/OMG, GMANews.TV