The local stock barometer firmed up on the first trading day of the week, tracking mostly upbeat regional markets.
The main-share Philippine Stock Exchange index (PSEi) added 78.11 points, or 1.15 percent, to close at 6,872.97, mostly supported by domestic investors who made up for the dearth in foreign flows.
“It drew momentum from its reversal last Friday, continuing higher on less selling pressure. Progress on the inoculation of the vaccines that recently arrived may have improved the sentiment,” said Christopher Mangun, head of research at AAA Equities.
Mangun noted that the Philippine manufacturing sector had recorded its second month of expansion in February as manufacturers rebuilt their inventory in anticipation of increased demand. For investors, this is a confirmation of economic recovery, he said.
Gains were led by large-cap holding firms SM Investments and Ayala Corp.
“Trading volumes declined as some investors opted to stay on the sidelines because of the uncertainty. The main index has held support at 6,740 and may start moving toward its resistance at 7,000 in the coming days,” Mangun added.
All counters firmed up, led by the industrial and holding firm counters, which both rose by over 1 percent.