The PSEi continued to rally and has breached 7,300 level, as stocks were buoyed by positive developments locally and in the US.
The main index gained 14.64 points or 0.20 percent to close at 7,311.72 although sectoral indices were evenly mixed with the Mining and Oil and Holding Firms counters posting strong performances.
Volume improved further to 1.06 billion shares worth P10.15 billion as gainers beat losers 105 to 85 with 55 unchanged.
“Philippine shares closed slightly higher tracking the performance of the US market as investors parsed the Fed's latest Beige Book reading,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
According to the report the US economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages.
“‘Meanwhile, Asian markets mostly shook off the China blues for a steady trading session,” he added.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market climbed further as the improvements in our country’s COVID-19 situation continued to provide support to sentiment.”
He noted that, “Investors also cheered the Department of Energy’s proposal to temporarily suspend the fuel excise taxes which if pursued, is seen to mitigate the inflationary pressures in the country.”
Tantiangco said “Foreign investors also helped in Thursday’s gains with net inflows for the day amounting to P304.53 million.”