PHILIPPINE shares rallied in morning trade on Thursday, driving the benchmark index past resistance at 8,100 points as investors continued to show confidence in the economy.
The Philippine Stock Exchange index advanced 1.25 percent, or 100.62 points, to 8,154.50 as of the morning break. The broader All Shares rose 0.93 percent or 44.51 points to 4,820.86.
“I think it’s … more of, really, an easing of concerns, easing of the North Korean risk. That has receded in the background,” Philstocks senior research analyst Justino Calaycay Jr. said. “There are a lot of things that we have to look forward to.
“We have already breached [the]all-time level. We’ve already rewritten the record,” he added, explaining that the positive Philippine economic outlook supports the market’s optimism.
“Businessmen [are]still confident, the economy is doing good — although earnings have not been able to pick up yet — and probably, expectations of an infrastructure push by the government. So in light of these things, I think there is no reason for investors not to be confident,” he added.
Sectoral indices contributed gains across the board, led by a 1.86 percent rally in property. ANGELICA BALLESTEROS