The local stock barometer breached the 7,500 mark on Thursday as improved global trade prospects boosted risk-taking and lured back some foreign flows.
Rising for the third straight session, the Philippine Stock Exchange index (PSEi) added 34.68 points or 0.46 percent to close at 7,522.92. This is in line with mostly upbeat regional markets.
“It looks like China is getting the ball rolling on trade negotiations,” local stock brokerage Papa Securities said in a research note. It cited news about China being ready to loosen foreign restrictions to the Chinese market and increase sourcing of industrial technology inputs abroad.
Such trade hopes boosted the PSEi along with global equities.
“The 7,420 trendline support seems to be holding up in the near-term as fears of a meltdown in Wall Street dissipate,” Papa Securities said.
PSEi may have a shot at testing the 7,680 barrier if Wall Street volatility terminates, it added.
The day’s gains were led by the financial and services, counter, which both rose by over 1 percent, while the industrial and holding firm sub-indices also inched up.
On the other hand, the mining/oil and property counters both slipped.
Value turnover for the day amounted to P6.09 billion. There was P324.83 million in net foreign buying for the day.
There were 109 advancers that edged out 80 decliners while 46 stocks were unchanged.
The PSEi was led higher by BDO and Globe Telecom, which both rose by over 3 percent, while AGI added 2.52 percent.
Ayala Land, the day’s most actively traded company, rose by 1.32 percent, while SM Investments also gained 1.06 percent.
ICTSI, Metrobank, BPI, Jollibee and Ayala all firmed up.
Outside the PSEi, notable gainers included Asiabest Group, which surged by 9.2 percent. Cemex likewise surged by 15.34 percent.
On the other hand, San Miguel Corp. fell by 4.85 percent.