THE Philippine bourse extended its rebound and finished in the 7,300 territory on Thursday.

The local stock barometer Philippine Stock Exchange index (PSEi) was up by 1.28 percent, or 92.62 points, to 7,307.75, while the wider All Shares increased by 1.05 percent, or 40.20 points, to close at 3,870.11.

Japhet Tantiangco, Philstocks Financial Inc. senior research analyst, said the market reflected "investors' hope that the National Capital Region will be able to avoid a further tightening of restrictions."

World Health Organization country representative Dr. Rabindra Abeyasinghe on Wednesday said there might be no need to raise the current alert level in the country's capital region yet.

Meanwhile, the Philippines posted another record high of daily Covid-19 cases on Thursday after logging 34,021 additional cases, increasing the total to 3.092 million.

Positivity rate also reached 47.9 percent on Thursday, the country's highest since the pandemic started.

The continued inflow of foreign funds also buoyed the local bourse, according to Tantiangco, as net foreign buying stood at P659.73 million.

For his part, Regina Capital Development Corp. managing director Luis Limlingan said "investors continued to bet on the recovery of the Philippines as the high US CPI (consumer price index) numbers made them return back to the PSEi."

Inflation in the United States reached 7 percent in December, its fastest pace in decades.

Wall Street, on the other hand, remained in the green overnight as Dow Jones, S&P 500 and Nasdaq inched up by 0.11 percent, 0.28 percent and 0.23 percent, respectively.

Onshore, trading improved as net value turnover amounted to P6.98 billion.

The figure is higher than Wednesday's P5.57 billion but still weaker than the P7.38 billion daily average of last year.

The mining and oil index led the climb of local sectors anew at 2.25 percent.

Total volume turnover was at 1.5 billion shares valued at P7.2 billion.

Gainers outpaced decliners at 131 to 60 while 50 securities were unchanged.