All subindices ended positive, led by the mining and oil subsector, which rose 5.52 percent led by Philex Mining Corp., which jumped close to 20 percent to P20.90. Philex Mining’s unit, Philex Petroleum Corp., reported a better-than-expected gas find in offshore Palawan.
The PSEI briefly ended above 5,200, a new record, before pulling back by the week’s close.
“Earnings season for the first quarter began with property companies among the earliest to report. Results were very rosy, pushing stocks higher in optimism of their full year performance,” AB Capital Securities Inc. said in its weekly report.
SM Investments Corp., controlled by businessman Henry Sy Sr., which said net income rose 13 percent to P6 billion in the first quarter, unofficially kicked off first-quarter earnings for conglomerates.
Overseas, US stocks ended the week strong on upbeat corporate results. The Dow Jones Industrial Average added 0.18 percent to 13,288.31 while S&P 500 rose 0.21 percent 1,403.36 on Friday. The tech-heavy Nasdaq jumped 0.61 percent to 3,069.20.
• This week:
Analysts said investors will continue to focus on first-quarter earnings and developments overseas.
“Earnings excitement may fuel [this] week’s market performance,” Maria Arlysa E. Narciso, equities analyst with AB Capital, said in a report. Even then, she said the PSEI may continue to consolidate with support seen at 5,140.
AB Capital said the main index is trading at 19.02 times earnings, at the higher range compared with regional indices, although still cheaper than in South Korea and Japan.
• Stocks to watch:
AB Capital said investors with a longer-time horizon may turn to gold miner Philex Mining in view of its future potential. It also recommends newly listed GT Capital Holdings Inc., an investment holding company, and builder Megaworld Corp.
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