The benchmark Philippine Stock Exchange Index rose 1.53 percent to 6,487.53, pushing the benchmark back into a key technical resistance zone.
Foreign funds powered the rally, with net foreign buying surging to P1.3 billion, data from the stock exchange showed.
“It seems that World Bank’s assurance of a [gross domestic product] growth above 5 percent renewed investors’ confidence in the market, triggering a huge foreign buying today,” said Shawn Atienza, AP Securities research analyst.
“As for the resistance, we’re exactly within the 6,480.00 - 6,500.00 resistance; therefore, we expect some profit-taking activities tomorrow,” he added.
Sectoral gains were led by services, which jumped 2.02 percent, while property climbed 1.54 percent and fFinancials rose 1.45 percent, even as mining and oil slid 1.02 percent.
—Edited by Miguel R. Camus
