Philippine shares traded higher on Thursday, briefly testing the 6,900-point resistance in the morning session as investors welcomed the strong private jobs data in the United States, which also sent US stocks higher.
US stocks closed at record highs on Wednesday following news that business hiring surged in June, indicating that the US economy is picking up momentum.
Despite lingering caution ahead of the release of Philippine June inflation data today, Friday, optimism in overseas markets rubbed off on local players.
“The markets opened 20.69 points higher at 6,871.29, with investors obviously still drinking from the fount of cautious optimism ahead of Friday’s release of inflation data,” Accord Capital Equities, Corp. analyst Justino Calaycay said.
The Philippine Stock Exchange index finished Thursday’s trade up 48.71 points or 0.71 percent at 6,899.31, while the wider all shares added 25.50 points or 0.62 percent to 4,129.99.
Gains were seen across the board, with all sectors up led by properties. Property rose 26.58 points or 1.03 percent to 2,615.92, followed by financials, which went up by 13.25 points or 0.80 percent to 1,659.34.
Industrials advanced by 76.10 points or 0.74 percent to 10,428.88, while services rose 12.58 points or 0.61 percent to 2,064.27. Holding firms added 34.57 points or 0.55 percent to 6,272.24, while mining and oil added 78.08 points or 0.47 percent to 16,592.97.
Trading volume stood at 1.4 billion, valued at P7.6 billion. Advancers edged out decliners 108 to 76, while 43 stocks were unchanged.
Blue chips were among the most actively traded stocks on Thursday, including Philippine Long Distance Telephone Co., up 0.74 percent at P3,000; Alliance Global Group Inc., down 0.68 percent at P29.15; Universal Robina Corp., up 1.69 percent at P156; and SM Investments Corp., up 0.06 percent at P809.50.