Investors remained upbeat in Thursday’s trade, buying up property shares and helping the market advance at the close.
Gains in the property sector made up for losses in financial and industrial stocks.
The benchmark Philippine Stock Exchange index finished 0.79 percent or 57.93 points higher at 7,367.63, while the wider All Shares index closed up 0.45 percent or 19.27 points at 4,321.89.
Providing momentum to early trade in the Philippines, the US markets scored gains overnight, with the Dow up 212.88 points, the S&P 500 gaining 23.29 points and the Nasdaq rising 57.73 points.
PSEi Financials and Industrials slipped 0.12 percent and 0.03 percent, respectively, while the rest of the sectoral indices gained, led by a 2.94 percent advance in the property sector.
Gainers outnumbered losers, 103 to 69, while 49 issues were unchanged. The volume of shares traded stood at 2.36 billion, valued at P10.77 billion.
The “buying momentum continued, especially after the Fed minutes underscored expectations the benchmark interest rates will stay unchanged at least prior to April 2015’s FOMC meeting. Sectors responsive to stable interest rates benefited – (such as) the property and holding firms,” said Jason Escartin, investment analyst at F. Yap Securities Inc.
On Wednesday, the bellwether PSEi closed up 0.44 percent or 31.96 points at 7,309.70, while the All Shares index rose 0.39 percent or 16.88 points to 4,302.62.