Local shares rise on earnings, rosy outlook

ABS-CBN News

Posted at Aug 05 2010 12:18 PM | Updated as of Aug 05 2010 08:18 PM

MANILA, Philippines - Local shares climbed on Thursday, moving alongside regional markets, with investors upbeat  about corporate earnings.

Most Asian stock markets rose on Thursday on healthier second quarter profit results, while investors also cheered US data on private sector hiring which beat economists’estimates.

The main index of the Philippine Stock Exchange edged up 0.5% to 3,521.10.

The broader all-share index inched up 0.4% to 2,228.84.

Gainers outnumbered losers, 68 to 42, while 45 stocks closed unchanged.

A total of 1.337 billion shares worth P3.959 changed hands.