Shares close above 8,500 amid earnings optimism


Posted at Nov 06 2017 05:02 PM | Updated as of Nov 06 2017 06:16 PM

MANILA - Shares rose 1.75 percent and closed at a new record high on Monday, defying the trend in Asia. 

The PSEi added 146 points and closed at 8,523 amid optimism over the third quarter earnings of listed companies. 

Jun Calaycay, head of Research and Client Engagement at Philstocks Financial, said the stock market may rise further.

"A couple of second liner issues reported 40 percent increase in bottomline numbers for the first nine months of the year. And if this is going to be a trend for the third quarter we might (see) a lot more interest in local equities coming back into the picture," Calaycay told ANC's Market Edge. 

Calaycay however said investors will also be looking out for the third quarter GDP figures due later this month. 

He said that investors are hoping for better GDP growth figures than the 6.4 percent the Philippines has seen so far in the first half of the year. 

The government is targeting a growth rate of 6.5 to 7.5 percent this year.