Philippines stocks finished higher for the first time in four days on Wednesday, propped up by strong earnings results from major telecom players led by number one PLDT and second-ranked Globe Telecom.
Philippine Long Distance Telephone Co (PLDT), a quarter owned by Hong Kong's First Pacific Co Ltd, jumped 2.8 percent or 35 pesos to 1,285 pesos. It accounted for 29 percent of total trade.
Globe Telecom Inc, which is jointly controlled by conglomerate Ayala Corp and Singapore Telecommunications, rose 2.87 percent or 25 pesos to 895 pesos.
"The good corporate results by PLDT and Globe, which were eagerly awaited by investors, boosted sentiment," said AB Capital economic analyst Jose Vistan. The main index ended up 10.88 points or 0.7 percent at 1,572.91 points.
Value turnover rose 53 percent to 869.9 million pesos ($15.6 million), as gainers outnumbered losers 30 to 29. PLDT, the country's second-most valuable firm with a market capitalisation of $3.9 billion, on Tuesday announced record profits of 12 billion pesos in the first half against 1.78 billion pesos last year, as mobile traffic surged around May's election.
The company raised its profit target this year to 22 billion pesos, 22 percent higher than earlier forecast. Globe earlier reported a 29 percent jump in second-quarter profit to 3.8 billion pesos.
Power retailer Manila Electric Company (Meralco), which had dropped 29 percent over the past four days after a court nullified the unbundling of its power rates, on Tuesday jumped 3.49 percent or 75 centavos to 22.25 pesos.
San Miguel Corp, Southeast Asia's largest food and beverage firm, likely posted higher quarterly profits on strong beer sales during a long national election campaign and lower costs at its soft drinks unit, company sources said on Wednesday.
San Miguel, 15 percent owned by Japan's Kirin Brewery Co Ltd, recorded net income of around 4.0 billion pesos ($71.7 million) in the first half, according to two sources from the company who asked not to be identified. Its results are due out on Thursday.
B shares of San Miguel, open to both foreigners and locals, finished 1.44 percent or 1 peso lower at 68.50 pesos.
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