Philippine stocks extend rally on positive sentiment

Philippine stocks continued to rally on Thursday, with the main index logging its best close since December 2024, as buying sentiment was supported by positive earnings and a strong peso.

The Philippine Stock Exchange index (PSEi) increased by 0.08% or 5.59 points to close at 6,625.46, while the broader all shares index went up by 0.36% or 13.33 points to end at 3,653.71.

This was the PSEi’s highest finish in over 14 months or since it closed at 6,641.35 on Dec. 12, 2024.

The index opened Thursday’s session at 6,622.24, rising from Wednesday’s finish of 6,619.87 and already its low for the day. It posted an intraday high of 6,673.61.

“The PSEi extended its rally to a fifth consecutive session, finishing in positive territory despite late-session profit taking that trimmed earlier gains,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “The benchmark closed nearly flat but managed to sustain upward momentum, supported by upbeat earnings releases, a firmer local currency, continued buying interest across the board, and improved overall investor sentiment.”

“The local market extended its climb as optimistic expectations of fourth-quarter and full-year 2025 corporate results continue to bolster investors’ confidence,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

He added that gains on Wall Street also spilled over to the local market.

Wall Street ended higher on Wednesday, extending its tech-led rally and touching two-week highs as worries over artificial intelligence (AI) disruption and costs took a back seat to renewed optimism over the nascent technology’s potential benefits, Reuters reported.

All three major US stock indexes advanced, with the Nasdaq, powered by chips, enjoying the largest percentage gain as markets near the end of a tumultuous month that was marked by concerns over massive investment in AI infrastructure and the extent to which it could disrupt myriad industries.

Back home, most sectoral indices closed higher on Thursday. Property jumped by 1.82% or 39.83 points to 2,228.59; mining and oil increased by 1.74% or 344.22 points to 20,038.66; holding firms went up by 0.46% or 23.72 points to 5,174.73; and industrials climbed by 0.24% or 22.96 points to 9,490.47.

Meanwhile, services declined by 0.81% or 23.36 points to 2,850.85, and financials edged down by 0.02% or 0.46 point to 2,186.45.

Advancers outnumbered decliners, 125 to 70, while 74 names closed unchanged.

Value turnover went down to PHP 8.05 billion on Thursday with 848.7 million shares traded from the PHP 9.998 billion with 1.32 billion issues that changed hands on Wednesday.

Net foreign buying decreased to PHP 1.05 billion from PHP 1.85 billion in the previous session. — Alexandria Grace C. Magno with Reuters