PSEi nears elusive 6,800 mark

MANILA, Philippines — The local stock market inched its way closer to the 6,800-level, finishing the week on a high note despite a downtrend in Asian shares.

The benchmark Philippine Stock Exchange index soared by 1.29 percent or 86.68 points to 6,791.69, extending its winning steak to three.

Similarly, the broader All Shares index rose by 0.69 percent or 24.97 points to settle at 3,627.83.

“Philippine shares wrapped up the week just a few points shy of the elusive 6,800 marker,” Luis Limlingan of Regina Capital said.

According to Limlingan, a stronger peso and optimistic economic prospects buoyed local market sentiment.

 “The Asian Development Bank’s forecast of strong economic growth for the Philippines and Vietnam in 2024 and 2025 further boosted investor confidence,” he said.

Claire Alviar of Philstocks Financial said the local bourse bucked the trend in the region due to a strong net foreign buying.

She said foreign investors registered a net inflow of P1.44 billion.

“Moreover, investors were also anticipating the second quarter corporate earnings results, which started with strong results from the Bank of the Philippine Islands,” Alviar said.

Net market value turnover improved to P5.86 billion from the previous day’s P4.04 billion.

All counters were in the green except for mining and oil, which dropped 1.2 percent.

Leading the charge was financials, which surged by 2.53 percent, followed by property, which jumped by 1.41 percent.

Market breadth was positive as advancers pounded decliners, 96 to 75, while 65 issues did not change.

BDO recorded the biggest gain among the index members during the session with a 4.42 percent increase, while Century Pacific Food had the largest decline at 3.99 percent.