PSEi up on news of good corporate earnings

The Philippine Stock Exchange index surged by almost a percent on Monday as a stream of good domestic corporate earnings emboldened investors to shrug off negative sentiments abroad. “I see some investors are starting to discount negative fundamentals overseas. Nagsa-subside na yung negative sentiments dun," trader Emmanuel Soller of Equitiworld Securities Inc. said, referring to the consequences brought by the March 11 devastation in Japan and the political tensions in the Middle East and North Africa. Still, “we can’t help but see some investors become wary" of geopolitical risks that were pushing up global oil prices, he added. The PSEi climbed 38.17 points to close at 3,913.98, according to the PSE’s online market information as of 12:10 p.m. Soller said the main index will likely breach the 4,000 level if listed firms “continue to disclose positive corporate earnings." He said results of earnings will be until April. More than 985 million shares valued at P4.261 billion were traded. The market’s 40 decliners were edged out by 78 advancers while 46 issues remained unchanged. Soller said, “We can’t say if the positive momentum will be sustained. But still, we maintain our stand that there would be a consolidation to the upside bias." — JE, GMA News