Share prices ended higher Monday on upbeat outlook on companies’ first quarter earnings.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 43.44 points, a 0.66 percent hike to 6,583.68.
The broader all shares index was up 16.60 points or 0.48 percent to 3,508.86.
Gainers and losers were even at 90, with 48 stocks unchanged. Trading turnover reached P4.69 billion.
The peso closed at 55.72 to the dollar, down from 55.62 on Wednesday.
The currency opened at 55.68, an intraday high, and hit a low of 55.81. Trading turnover reached $1.19 billion.
Most Asian currencies edged higher against a broadly weaker US dollar on Thursday
Claire Alviar, analyst at Philstocks Financial Inc., said the the initial first quarter earnings results of companies boosted sentiments.
Abigail Chiw, head of research at BDO Securities, said the market may likely close the year at 7,500 as sentiments improve vis-a-vis the investing environment overseas.
Chiw said this takes into consideration an earnings growth of 13 percent and investors giving the Philippine Stock Exchange a valuation multiple of 15x price-to-earnings.
“We think we are already trading at very attractive valuations for stocks. We are now 13x forward PE versus the 17x historical average. So we think for long term investors that this is already a good time to buy if you are believing in the potential of the Philippine market,” Chiw said.
“I think the potential catalysts for the Philippine market is when inflation continues to come down, and interest rates start to stabilize, hopefully by the second half of this year. And we think these trends would improve consumer and business sentiment, and again, will revive interest in equities,” she added.
Most actively traded BDO Unibank Inc. was up P6.60 to P144.60. Bloomberry Resorts Corp. was up P1.08 to P10.88. Nickel Asia Corp. was down P0.45 to P6.60. SM Investments Corp. was down P10 to P888. SM Prime Holdings Inc. was up P0.30 to P33.90. Bank of the Philippine Islands was up P1 to P109. PLDT Inc. was down P4 to P1,210. International Container Terminal Services Inc. was up P0.20 to P219. GT Capital Holdings Inc. was up P18 to P480. Ayala Land Inc. was down P0.45 to P25.95.
