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Stocks bounce on strong corporate earnings

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The PSEi bounced on strong corporate earnings reports and managed to recover most of the previous day’s loss due the knee jerk reaction to the US rating downgrade.

The benchmark jumped by 93.48 points or 1.44 percent to close at 6,576.76 as the Property sector rallied to lead the advance although the Mining and Oil counter remained in the red. Volume was thinner though at 1.2 billion shares worth P3.95 billion as gainers beat losers 99 to 81 with 50 unchanged.

He added that, “Back home, investors brushed off the possible implication of Fitch's surprise US sovereign credit downgrade on the health of the global economy, by looking forward to the upcoming July CPI and more earnings arriving in the coming days.“ “Additionally, China’s Caixin services purchasing managers index which came in at 54.1, above expectations, was cheered by many, spurring optimism with respect to the country’s economic recovery,” he noted.

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