The PSEi surged to 6,990 in the morning session on upbeat sentiment but the rally lost steam as investors cashed out for the weekend.

The main index still managed to add 10.06 points or 0.15 percent to close at 6,913.21 led by the Industrial sector although Conglomerates and Mining firms retreated. Volume dipped to 565 million shares worth P4.54 billion as gainers beat losers 98 to 73 with 51 unchanged.

“Thursday's trading saw the PSEi edging slightly beyond the 6,900 mark, driven by robust performances from enterprises spearheaded by the affluent Ty family,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse ended the week on a higher note due to positive cues from the US markets overnight and optimism in the Philippine economy.”

“US investors continued to be cheered by the earnings season, pushing the S&P 500 to a record high. The positive sentiment spilled over to the Philippines, especially since the local earnings have been good so far. Adding to the positive sentiment was the upwardly revision of Moody’s Analytics of PH economic forecast growth to 5.8 percent, expecting the country to be the third fastest growing economy in the Asia-Pacific region for this year,” she also said.

Alviar continued that “during the session, the local bourse hit its highest point so far for the year at 6,990.65, however, profit-taking tempered the gains in the last minute.”