With investors possibly trying to digest anew the country’s bright economic outlook, Philippine shares rose despite the losses on Wall Street and some Asian markets.
“We saw followed through buying [in local stocks], which benefited from the positive view from financial institutions,” Jovis Vistan of AB Capital Securities Inc. said in a telephone interview.
“It’s just macroeconomic fundamentals being recognized again,” he added.
For today’s session, Vistan said that Philippine shares may continue its positive momentum, given that the current momentum hasn’t showed any signs of a slowing down.
The Philippine Stock Exchange index (PSEi) rose for the fifth straight session on Thursday, adding 0.92 percent, or 58.14 points to close at 6,352.76, while the wider all-shares index advanced by 0.74 percent, or 28.20 points to 3,826.50.
All the sectoral indices ended in green territory, with industrial having the largest improvement, ending the Thursday session 1.48-percent higher, or 140.28 points to at 9,607.30.
Holdings firms was up 1.16 percent, or 66.07 points to 5,757.23, and financials increased by 0.96 percent, or 14.83 points to 1,562.38.
Property gained 0.73 percent, or 17.40 points to 2,418.44, while services inched up by 0.31 percent, or 5.83 points to 1,898.44. Mining and oil, on the other hand, rose by 0.29 percent, or 40.98 points to 14,282.86.
Total value turnover stood at P8.9 billion with advancers still beating decliners, 90 to 69.
Some of the most actively traded stocks on Thursday were Universal Robina Corp., BDO Unibank Inc., Ayala Land Inc., Alliance Global Group Inc., SM Investments Corp., Philippine Long Distance Telephone Co., SM Prime Holdings Inc., Bank of the Philippine Islands, Megaworld Corp. and Metro Pacific Investments Corp.
On Wednesday, the PSEi climbed by 1.63 percent, or 100.65 points to 6,294.62, while the broader all-shares barometer increased by 1.44 percent, or 54.09 points to 3,768.30.