PHL share prices continue uptrend for 3rd day amid positive earnings

Philippine share prices logged in gains for the third consecutive day Wednesday as generally positive earnings reports of listed firms buoyed the bourse's mood. The 30-company Philippine Stock Exchange index rose 31.91 points or 0.74 percent to 4,335.04 while the all shares climbed 13.17 points or 0.44 percent to 3,017.86. Market breadth was positive with 76 gainers against 56 losers and 43 issues which closed flat. All six sectoral indices ended in the green - Holding Firms and Property were the day's top performers. Volume traded reached 677.18 million shares valued at P4.34 billion. Maria Arlysa Narciso of AB Capital Online said that although economic concerns have bothered investors, most remain upbeat owing to generally good earnings reports. "While economic factors such as inflation and labor issues press on, investors will still be focusing on the first quarter results," Narciso said. Earlier in the trade, Globe Telecom reported that its first quarter net income rose marginally to P2.99 billion from P2.30 billion last year. Meanwhile, three of the most active stocks for the day advanced. However, San Miguel Corp., the day's top traded, slipped P1.50 or 1.30 percent to P114.50. Consunji-owned DMCI Holdings Inc. gained P3.05 pr 6.78 percent at P48. JG Summit Holdings Inc., the holding firm of the Gokongwei family, surged P1.10 or 4.09 percent to P28. First Gen Corp. added P0.48 or 3.31 percent at P15. Telecommunications giant Philippine Long Distance Corp., which reported that its earnings dropped six percent, dipped P18 or 0.73 percent to P2,462. -- CMA/OMG, GMA News