Philippine shares rally for fifth straight day

Share prices on the Philippine Stock Exchange continued its winning streak for the fifth straight session on Friday amid optimism on economic recovery as corporate earnings data show signs of improvement.

The benchmark PSEi gained 40.92 points or 0.62% to 6,685.69 at the closing bell. The broader All Shares increased by 25.41 points or 0.65% to 3,944.72.

“The local bourse extended its rally to a fifth straight trading day as third quarter company earnings show improvement from the previous quarter implying that corporate recovery could already be up ahead,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

The local bourse got a boost from foreign investors as the market posted a net foreign buying of P453.6 million.

“The index closed at 6,685.69 as the investors went into last minute bargain hunting as the third quarter earnings season for the big caps continues supported by net foreign buying amounting to 453,569,757.33,” Unicapital Securities equity analyst Christopher San Pedro said.

The local market also continued the buying momentum as market players awaited the outcome of the US presidential race, where Democrat Joe Biden is gaining more ground against incumbent President Donald Trump.

“Investors in the Philippine market continued the buying momentum  on hopes the winner of the U.S. presidential election would soon be determined, with shares of major index names leading the gains,” Regina Capital head of sales Luis Limlingan said.

“Joe Biden inched closer to the White House as Donald Trump's legal team continued to fight the ballot counting process,” Limlingan said.

More than 4.075 billion shares valued at P10.078 billion, changed hands. Advancers led decliners, 109 to 92, and 57 issues were unchanged.—AOL, GMA News