Local equities rose for a sixth consecutive day as heavy buying in port operator International Container Terminal Services Inc. (ICTSI) countered afternoon profit-taking triggered by escalating tensions in the Middle East.

The Philippine Stock Exchange index (PSEi) advanced 28.66 points, or 0.46 percent, to close at 6,275.77 on Wednesday, July 8. The gauge extended its gains despite a fragmented broader market where only the services and industrial sector indices managed to finish in positive territory.

Trading activity remained relatively muted, with volume thinning out to 820 million shares valued at ₱5.08 billion. Market breadth was negative, as decliners outnumbered gainers 98 to 80, while 55 stocks remained unchanged.

The local bourse sustained its upward velocity because underlying buying momentum persisted throughout the morning session, according to Luis Limlingan, managing director at Regina Capital Development Corp.

However, earlier advances were trimmed down after geopolitical uncertainties in the Middle East prompted investors to lock in profits toward the afternoon, leading to cautious trading before the closing bell.

Brokerage firm BPI Trade noted that overseas investors continued to aggressively accumulate large-cap equities, with market favorite ICTSI leading the pack. The port operator surged 2.15 percent, capturing the day’s largest chunk of net foreign buying and single-handedly reinforcing the benchmark index against a wider sell-off.

The recent rally marked a turnaround for local equities, with the PSEi finishing higher in nine of the last 10 trading sessions. Optimism has been driven by landmark digital infrastructure developments, most notably a proposal by Amazon Web Services to invest up to $5 billion in the Philippines over the next 15 years to establish a localized cloud region.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the market is responding favorably to a cluster of strong domestic data points.

Bank loan growth in the country accelerated to a 15-month high—marking one of its fastest expansion paces in three and a half years—while domestic liquidity, gross international reserves, and local employment metrics have continued to show steady improvement.