The local stock barometer retested the 8,000 mark for the first time this month, outperforming regional markets on heavy foreign inflows.
The main-share Philippine Stock Exchange index (PSEi) racked up 92.9 points, or 1.17 percent, to close at 8,008.53 while regional markets traded with mixed sentiment. Investors are awaiting confirmation on whether the breakout past the 8,000 barrier is sustainable.
“The main index continues to trade within the range and currently closed right at the top of it at 8,000. Trading volumes also picked up [Wednesday], which is a good sign. [Thursday] will be interesting; if it can break and hold above 8,000, then we have a new paradigm. However, if it bounces off it, then 7,840 is the next target,” said Eagle Equities head of research Christopher Mangun.
Except for the mining/oil counter, all subindices were up. The industrial, holding firm, services and property counters all rose by more than 1 percent.
Total value turnover for the day amounted to P9.83 billion. There was about P970.64 million in net foreign buying that perked up the market.
There were 110 advancers that edged out 96 decliners while 42 stocks were unchanged.
The PSEi was led higher by ICTSI, URC, Meralco and San Miguel, which all surged by more than 2 percent.
SM Prime, SM Investments, Ayala Corp., PLDT, Jollibee, Megaworld, GT Capital and BPI all gained over 1 percent.
Ayala Land, BDO, Puregold and Bloomberry also firmed up.