The Philippines’ benchmark stock index entered the 6,600-point territory before it settled above 6,500 as optimism in the global markets ran high on the back of the latest positive US manufacturing data.
“[The] market is strong due to continued foreign buying and bullish sentiment from world markets,” Miko Sayo, analyst at Nieves Securities Inc., said in a text message.
Overnight, US stocks finished at a record close as the latest manufacturing numbers suggest the economy managed to hurdle the harsh winter weather from late last year to early this year, Accord Capital Equities Corp. analyst Justino Calaycay cited in his daily stock market report.
The Philippine Stock Exchange index (PSEi) settled at 6,587.72 on Wednesday, up 73 points or 1.12 percent. The wider all shares also climbed 38.08 points or 0.97 percent to 3,950.17.
“The PSEI briefly forayed into the 6,550-level minutes into the trading day but eased back after a modicum of profit-taking. Nevertheless, the momentum carried through with a good quality advance with only three of the 30 PSEI components ending lower vis-à-vis Tuesday’s close,” Calaycay said.
At the bell, the PSEI had extended its run to a fourth straight day, even briefly touching the 6,600 level for the first time since October last year.
Some sectors recorded significant gains. For instance, the property counter saw a 2.19-percent surge, up 55.45 points to end at 2,582.80, followed by holding firms, which added 69.35 points or 1.17 percent to 5,984.69. Industrials gained 110.59 points or 1.12 percent to 10,002.19.
Services also improved 14.51 points or 0.74 percent to 1,967.63, while financials gained 7.40 points or 0.48 percent to 1,543.18. Mining and oil edged up 14.31 points or 0.10 percent to 14,806.38.
Total number of shares traded on Wednesday was 1.2 billion shares valued at P11.4 billion.
Some of the top gainers were: Megaword Corp., which closed up 3.94 percent at P4.49 per share; Ayala Land Inc., up 2.14 percent at P31.05; Ayala Corp., up 3.90 percent at P613.00; Universal Robina Corp. up 3.17 percent at P146.50; SM Prime Holdings Inc., up 1.74 percent at P15.16; Petron Corp., up 2.71 percent at P12.14; GT Capital Holdings Inc., up 2.76 percent at P820; and Puregold Price Club Inc., up 2.98 percent at P45.75.
On Tuesday, Philippine shares rose for the third straight day, returning above the 6,500 level. The PSEI ended the session with a 1.34 percent gain to close at 6,514.72.