The local stock barometer revisited the 8,000 mark and closed at its highest level in two months on Wednesday as investors digested the local corporate earnings reports.
The main-share Philippine Stock Exchange index (PSEi) gained 28.87 points, or 0.36 percent, to close at 8,020.06. This marked its best finish since Aug. 2 this year, when it closed at 8,129.93.
The index was led higher by the financial sector, which went up by 1.5 percent. The holding firm and property counters also firmed up.
The industrial, services and mining/oil counters slipped.
Value turnover for the day amounted to P5.99 billion.
Foreign investors were net buyers, resulting in a net inflow of P619.53 million.
Local stock brokerage Papa Securities said any breakout by the index should be accompanied with significant volume.
“Likewise, we also flag that its next resistance of 8,130 would likely hold more so that RSI (relative strength index) is already near the overbought level,” the brokerage said.
For the US markets, where many investors take cue from, Papa Securities said any signal given by the US Federal Reserve in the coming days might be the next signals to watch out for “as the rate cut has more or less already likely been priced in.”
At the local market, there were 90 advancers that edged out 80 decliners while 54 stocks were unchanged.
The PSEi was shored up by local banking giants Metrobank and BDO, which both added 2 percent, while Ayala Land and DMCI both rose by over 1 percent.
SM Prime, BPI, Metro Pacific, Security Bank, Bloomberry and Jollibee also firmed up.
One notable gainer was Global Ferronickel, which surged by 8.05 percent.