Overcoming a weak start due to the decline in US bourses, the local stock market breezed past the 6,700 level to close near the 6,800 mark as funds pushed up share prices.
The main index jumped 99.31 points or 1.49 percent to close at 6,780.78 as the Property sector surged while the Industrial and Mining and Oil counters declined. Volume surged to 2.23 billion shares worth P23.47 billion as losers beat gainers 103 to 88 with 42 unchanged.
“The PSEi sustained its upward momentum and settled closer to the 6800 level on window dressing and the latest MSCI rebalancing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse went up due to last-minute bargain hunting. The effectivity on December 1 of the Semi-Annual Index Rebalancing of MSCI also affected the trading session, bringing the net market value turnover to over P20 billion.”
“So far, optimism persists in the market amid improving investors' sentiment,” she added.