Philippine shares ended the week higher and breached the 6,900 resistance level as investors become cautiously optimistic.
The main index rose 32.08 points or 0.47 percent to close at 6,907.79 as the Financials sector led the advance while only the Mining and Oil counter retreated.
Volume improved to 4.13 billion shares worth P5.76 billion as gainers beat losers 118 to 90 with 50 unchanged.
“The local bourse rose on the back of the year-on-year surge in our country’s March foreign direct investments and April state spending on infrastructure, showing that there have been improvements in our economic condition compared to last year,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
He added that, “The local market also took cues from Wall Street’s performance overnight wherein the S&P 500 reached a record high close.”
Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares climbed above the 6900 level to finish the week as investors shrugged off a key US inflation report that showed a bigger-than-expected increase in price pressures.”
He said “May core CPI rose by 0.74 percent month-over-month, a third consecutive beat, reflecting another round of reopening effects and further upward pressure on auto prices related to the semiconductor shortage.”