After numerous failed attempts this year, the Philippine Stock Exchange’s benchmark index finally closed above the 7,000 resistance level on expectations of rate cuts and a stronger Philippine economy.

The PSEi surged 79.79 points or 1.15 percent to 7,024.67 with the interest rate-sensitive Property sector leading the rally. Volume was lower though at 1.03 billion shares worth P5.45 billion as there were actually more losers than gainers, at 107 to 90, with 60 unchanged.

“Philippines share finally closed above the 7,000 mark after multiple attempts as investors brushed of the latest CPI reading in the US and focused later on the unemployment figures,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

In contrast, U.S. stocks saw a volatile session on Wednesday, ultimately rising as investors digested the latest U.S. inflation data and its potential implications for Federal Reserve policy. August core CPI rose 0.28 percent from July, above expectations.

Philstocks Financial Research Manager Japhet Tantiangco said “The PSEi closed higher this Thursday as the local bourse took cues from Wall Street’s overnight rise driven by the decline in the US’ headline inflation last August.”

“NEDA’s projection of the local economy growing faster in the second half of the year compared to the first half also gave the market a boost,” he noted.

Despite the string of strong typhoons that battered economically-productive parts of the Philippines so far in the third quarter, the country's chief economist still expects to hit the targeted economic expansion for 2024.

"We're confident we'll achieve our six- to seven-percent growth target this year despite the recent typhoons," National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan told Manila Bulletin on Wednesday, Sept. 11. Real gross domestic product (GDP) grew by an average of six percent in the first half of the year.

Chinabank Capital Corporation Managing Director Juan Paolo Colet said “The PSEi finally closed above the 7,000 level for the first time in more than 19 months as investors reacted to a relatively favorable US August headline inflation print as well as an overnight tech-driven rally in US stock markets.”

“If the 7,000 breakout is sustained in the next few days, the market may attempt to hurdle the next resistance at 7,100,” said Colet.

Foreigners were net buyers with net inflows amounting to P348.48 million. Bloomberry Resorts Corporation was the top index gainer, climbing 3.01 percent to P8.21. Globe Telecom, Inc. was at the bottom, falling 1.52 percent to P2,202.