A market expert noted that price action and chart indicators point to more upside ahead.
“The benchmark stock index rose over 80 points on the back of generally positive corporate earnings results and fresh bargain hunting,” said Juan Paolo Colet, managing director of China Bank Capital.
PSEi heavyweights such as BDO Unibank (+2.35 percent to P147.90), Jollibee Foods (+3.47 percent to P268), and Universal Robina Corp. (+5.97 percent) lifted the benchmark measure.
Other heavily traded stocks were International Container Terminal Services, which closed flat at P340 each, and Ayala Land, which slumped 1.75 percent to P22.50 each.
Colet said trading patterns also suggest a move higher in the near term.
“Index technicals also indicate a potential break of an important downtrend line,” Colet said.
“If that is sustained in the next few trading days, then the market could stage a rally to key resistances at 6,300 and, thereafter, 6,600,” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
