The PSEi continues to rally and is moving closer to the 7,000 level as investor sentiment continues to be buoyed by last week’s positive developments.
The main index hiked by 54.89 points or 0.80 percent to close at 6,944.76 although sectoral indices were evenly divided due to late profit-taking. Volume jumped to 673 million shares worth P8.09 billion as losers overtook gainers 120 to 89 with 51 unchanged.
“Philippine shares broke into the 6900 level and now is just a stone's throw away from the 7,000 level with investor continuing to buy into the strong earnings, recent 25bp cut and upgrade of JCR of investment grade for the country,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “US equities also went for another winning day as the market continued to recover from the previous sell offs. Now, many are waiting for words from Fed Chair Powell this Friday.”
Philstocks Financial Research Manager Japhet Tantiangco said "The local market climbed further this Tuesday. Expectations that the BSP will continue with its monetary policy easing moving forward, and positive cues from Wall Street continued to lift sentiment."
"Investors also cheered the balance of payment surplus posted by the Philippines in July and the strengthening of the local currency," he noted.