Alexa
  • Directory of Taiwan

Philippine shares up slightly on expectation of strong 2Q electricity sales

Philippine shares up slightly on expectation of strong 2Q electricity sales

Philippine shares rose marginally Wednesday, led by Manila Electric Co. on expectations of high second-quarter electricity revenue amid hot temperatures.
The benchmark 30-company Philippine Stock Exchange Index gained 1.26 points, or 0.04 percent, at 3,271.99, after Monday's 1.4 percent fall. Markets were closed Tuesday for Labor Day.
Some investors preferred to stay on the sidelines ahead of May 14 midterm elections, but others "may position in companies that are likely to report strong earnings," said First Grade Holdings analyst Astro del Castillo.
Among them, Meralco B shares, available to foreign investors, gained 3.45 percent at 75 pesos. Apart from the hot weather, the power distributor also profited from expectations that the state regulator will approve electricity rates based on performance.
Advancers led decliners 52 to 43, while 63 stocks were unchanged.
The peso fell against the U.S. dollar on Wednesday as banks covered short dollar positions.
The dollar closed at 47.71, up from 47.61 on Monday, the last trading day before the May 1 holiday.


Updated : 2021-06-20 14:24 GMT+08:00