MANILA – The local stock barometer breached the 8,100-mark for the first time this year on Thursday on the back of positive market sentiment towards the new administration and second-quarter corporate earnings.
The benchmark Philippine Stock Exchange index (PSEi) advanced 50.33 points or 0.63 percent to 8,102.30, another record high finish for 2016.
“It’s still the expectations of better second-quarter earnings and market’s taking (President Rodrigo) Duterte’s rating as a positive sign he is on the right track,” said Jonathan Ravelas, chief market strategist at Banco de Oro Unibank.
A survey undertaken by independent pollster Pulse Asia from July 2-8 indicated that President Duterte was the most trusted national official with a rating of 91 percent and ‘practically no one distrusting him.’
Ravelas said the PSEi was “on track to try” an all-time high of 8,136 points.
The market’s rally was led by property that surged 1.35 percent.
Only the mining and oil counter closed in the red.
Value turnover was thick at Php10.46 billion as 1.62 billion shares changed hands.
Decliners outpaced advancers, 118 to 78, while 48 issues unchanged.