Main index closes lower in absence of fresh leads
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Local shares expected to decline on profit taking
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Senior Reporter
PLDT, INC. and Globe Telecom, Inc. reported mixed earnings in the first nine months of the year, but the telecommunications incumbents are expected to outperform the broader economy going forward as the pandemic hastens the adoption of digital processes and work practices.
Globe’s attributable net income for the nine months to September came in at P15.87 billion, down 10.25% from a year earlier. On an EBITDA basis (earnings before interest, taxes, depreciation, and amortization), earnings declined 2.8% to P56.25 billion, amid pressure on revenue during the pandemic.
Globe’s service revenue for the first nine months was P109.1 billion, down 1% from a year earlier, after a weaker performance by its mobile, corporate data and fixed-line voice business segments.
Reporter
LOCAL SHARES bounced back on Wednesday as investor sentiment improved after the release of central bank data showing higher remittances from Filipinos abroad in October.
The bellwether Philippine Stock Exchange index (PSEi) improved 71.97 points or 0.99% to close at 7,299.70, while the broader all shares index rose 29.44 points or 0.68% to end at 4,350.45.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the market improved as sentiment got a boost from latest central bank data on cash remittances.
Data released by the Bangko Sentral ng Pilipinas on Tuesday showed cash remittances coursed through bank channels rose 2.9% to $2.747 billion from $2.671 billion a year ago. This is the second straight month of year-on-year growth of remittances after the 9.3% recorded in September.