LOCAL shares extended an upward climb for the third consecutive trading day on Tuesday, firmly planting the benchmark index above the critical 6,500-point level at the close on sustained end-quarter momentum.
The main-share Philippine Stock Exchange index spiked 1.34 percent or 86.01 points to 6,514.72, while the wider all-shares index was 0.93 percent or 36.07 points higher at 3,912.09.
The benchmark index last closed a trading session at the 6,500-point level on March 6.
“After briefly flirting with losses in early trade, the PSEI broke into positive territory as investors set aside their apprehensions and snapped top- and second-tier counters, extending the end-quarter momentum to the month-open trades,” Accord Capital Equities Corp. analyst Jun Calaycay said after the trading hours on Tuesday.
The financial sector posted the largest gain, rising 1.86 percent or 28.09 points to 1,535.78, while properties surged 1.75 percent or 43.43 points to 2,527.35.
Holding firms were 1.22 percent or 71.04 points higher at 5,915.34, while services gained 0.68 percent or 13.18 points at 1,953.12. Industrials also trended higher, rising 0.66 percent or 64.69 points to 9,891.60. Mining and oil counters increased 0.2 percent or 29.47 points to 14,792.07.
About 947 million shares, valued at P8.6 billion, were traded. Gainers outnumbered decliners, 88 to 69, while 42 counters were unchanged.
Among the biggest gainers, Metropolitan Bank and Trust Co. surged 3.1 percent to P79.70, SM Prime Holdings rose 2.05 percent to P14.90, Ayala Corp. up 2.08 percent to P590.00, International Container Terminal Services 4.17 percent higher at P112.50 per share and Alliance Global Group Inc. was up 2.46 percent at P29.20. Megaworld Corp. rose 3.1 percent to P4.32, Aboitiz Power Corp. gained 3.09 percent at P38.35 points and Nickel Asia Corp. was 3.64 percent higher at P20.50.
End-quarter window dressing and hopes that China might stimulate its economy helped boost the local market and start trade in April on a positive note.
On Monday, the PSEi rose 1.09 percent or 69.09 points to 6,428.71, while the wider all-shares index gained 1.06 percent or 40.82 points at 3,876.02.