PHILIPPINE shares sustained their momentum in midmorning trade on Tuesday, breaching the 8,500 resistance level on a number of positive leads.
As of 11:05 am, the bellwether index was up 95.87 points or 1.14 percent at 8,543.81. The wider All Shares was up 35.89 points or 0.73 percent at 4,974.
“There are several things. I think the situation in Marawi City has calmed down, there was a spillover [of positive sentiment]from the US market which was up, and corporate earnings are already coming out,” an analyst from Regina Capital Development Corp. said.
Optimism was further boosted by gains in SM Investments Corp., Ayala Corp., and Ayala Land, Inc., which already comprise 40 percent of the market.
Nearly all sectoral indices were higher except mining and oil, which dropped 0.24 percent.