Ignoring the release of weak manufacturing data from China, the local market index rose for the third straight day on Wednesday and tested the 6,800-point mark.
The Philippine stock exchange index (PSEi) increased by 0.90 percent, or 53.78 points to reach 6,796.99, while broader all-shares index went up by 0.66 percent, or 26.90 points to 4,123.48.
Harry Liu, president of Summit Securities Inc., said that the market can continue to rise toward the 7,000-point mark as it “goes into medium-term rally point.”
“But the market has to consolidate soon for it to be able to go up again,” Liu said, in reference to investors’ positive outlook of the Philippine market.
The ascent of the US market also contributed to the PSEi’s gains with the Dow Jones recording a 0.14-percent rise, or by 22.19 points.
Liu added that the positive reviews of President Benigno Aquino 3rd’s State of the Nation Address on Monday still contributed to the positive trend of the local market, because the Chief Executive promised to “improve the country’s economic condition.”
However, the ending for the sectoral indices were mixed, with property surging by 1.51 percent, or 40.22 points to 2,705.65, while mining and oil dipped by 0.56 percent, or 84.37 points to 14,869.75.
Services went down by 0.20 percent, or 4.17 points to 2,060.49 while holding firms rose by 1.39 percent, or 85.97 points to 6,283.48.
Financials and industrial, both increased, with financials gaining 14.20 points, or 0.88 percent to 1,619.16, and industrial adding 108.42 points, or 1.09 percent to 10,010.14.
Total volume reached 1.2 billion shares and aggregate value turnover was P8 billion.
Liu said that the market will continue to go up further in the long term, and even test the 7,000-point mark anew.
On Tuesday, the PSEi accumulated an additional 115.85 points, or 1.75 percent to 6,745.21, while the wider all-shares index gained 67.04 points, or 1.66 percent to 4,096.48.