PSEi extends rally on Wall St. gains

By Leslie D. Venzon

MANILA, Nov. 3 (PNA) — Local share prices extended their winning streak to a second session above 7,200-level on Tuesday on upbeat market sentiment after a rally on Wall Street.

The barometer Philippine Stock Exchange index (PSEi) surged 11.88 points to 7,210.73 from previous day’s 7,198.85 finish.

”Wall Street’s strong performance overnight catapulted the local market at the start, but disappointing third-quarter earnings results from some index stocks put a lid on the bourse’s gains,” said RCBC Securities Inc. in a market report.

Brokerage 2TradeAsia.com said investors’ optimism over corporate earnings was expected to continue this week.

Counters were mixed, with the market’s gain led by mining and oil that advanced 1.44 percent.

The financials and services sectors were in the negative territory.

Around 1.05 billion shares changed hands for Php5.94 billion.

Advancers outpaced decliners, 98 to 83, while 37 issues unchanged. (PNA)