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Philippines: Traders turn upbeat ahead of earnings results
MANILA, Philippines — Market investors continue to be in the market but with guarded optimism ahead of the 2017 corporate income results, as well as the full year economic performance of the country, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) gained 43.10 points, or 0.48 percent, to finish at 8,857.72 while the broader All Shares gauge gained 27.84 points, or 0.54 percent, to finish at 5,126.59.
Most counters ended in positive territory except for the financials and services index.
Total value turnover, however, was thin at P5.58 billion, indicating that market investors are still carefully positioning ahead of the full year corporate earnings results.
Nonetheless, traders said companies are expected to report positive results given the steady performance of the economy.
Market breadth, meanwhile, was negative at 109 to 99 in favor of decliners while 52 issues were left unchanged.
DA Market Securities said yesterday’s closing was within the trading range of 8,809.53 to 8,897.56.
In general, traders said, Asian stock markets traded higher yesterday after Wall Street’s strong finish last week.
Source: http://beta.philstar.com/business/2018/01/16/1778069/traders-turn-upbeat-ahead-earnings-results#Fl1241kOKHSgfQW4.99