The Philippine Stock Exchange index (PSEi) added 200 points on Thursday because of continuous buying and the rise in foreign indices.
Harry Liu, Summit Securities Inc. president, said that Thursday’s increase was from buying that resulted from stocks reaching oversold levels, and that the market would continue to go upwards until it reaches consolidation mode.
“It’s the same for the market . . . None of the local fundamentals were changed or weakened. [Market rise] is due to the strength of the market,” he added.
For his part, COL Financial Technical Analyst Juanis Barredo said in a text message that the market was buoyed for the second time because of “further upside action from global markets.”
The analyst added that the local benchmark index is looking at two possible target areas—6,380 points to 6,400 points and 6,582 points.
On Thursday, the PSEi gained 209.06 points, or 3.42 percent to 6,328. The wider all-shares index, on the other hand, accumulated 117.94 points, or 3.14 percent to 3,877.61.
All indices ended in the green: financials surged by 3.30 percent, or 51.65 points to 1,614.79, while industrial was up by 2.64 percent, or 248.60 points to 9,670.33.
Holding firms took the biggest leap by 4.15 percent, or 225.81 points to 5,669.50, while services came in second by registering a 3.66 percent increase, or 67.31 points to 1,904.44.
The mining and oil counter ascended by 3.20 percent, or 408.48 points to 13,185.28, while the property index climbed by 2.60 percent, or 63.23 points to 2,494.30.
Advancers beat decliners, 139 to 37, while 32 issues were unchanged. Value turnover skyrocketed to P12.12 billion, while volume traded rose to 3.57 billion shares.
On Wednesday, the local benchmark index registered its biggest one-day leap in six years, with a 5.70-percent gain, or 329.88 points to 6,118.94. The broader all-shares index went up by 4.77 percent, or by 171.03 points to 3,759.67.