The country’s main stock market barometer finished at 6,944.76, a gain of 0.8 percent from the previous session.
“While we could see 7,000 as a near-term peak, we think strengthening investor confidence—supported by the outlook for easing inflation, lower interest rates, and a gradual recovery in consumption and appetite for business investment—paves the way for a rally beyond 7,000 in the coming months,” Rastine Mercado, research director at Chinabank Securities, said in an email.
A total of P8.1 billion worth of shares changed hands on Tuesday, while net foreign buying reached P2.06 billion.
ICTSI touches another high
The top traded stock was tycoon Enrique Razon Jr.’s International Container Terminal Services, which made a new 52-week high at P421 per share before finishing at P412.40, higher by 4.04 percent.
Other top active stocks were BDO Unibank Inc. (+3.95 percent) and Ayala Land Inc. (+0.15 percent).
Buy on pullbacks
Mercado said several risk factors loom, including the November US elections and a potential change in the interest rate easing outlook.
“In terms of local market opportunities, we think that a pullback to the 6,800-6,850 level provides a good re-entry opportunity,” Mercado said.
“We also think that investors should more actively entertain possible rotation plays (i.e., taking profit at stocks that have rallied substantially, and redeploying proceeds to laggards or second-liners),” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
