The benchmark Philippine Stock Exchange index extended its rally on Thursday after shares gained 109.05 points to 6,230.58, up by 1.78 percent from Wednesday’s close.
The market continued to challenge resistance levels with the index finally reaching the 6,200 level with one more trading day left in October.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar pointed out that the sustained positive market performance was driven by a strengthening peso against the US dollar and the narrower national government budget deficit in September.
Investors reacted positively to a narrowed budget gap in September while the Bureau of Treasury reported the fiscal gap got trimmed to P179.8 billion from P180.9 billion.
Refiners at full capacity
Oil prices surged, bolstered by record US crude exports and as the nation’s refiners operated at higher-than-usual levels for this time of year, Regina Capital Development Corp. managing director Luis Limlingan said. Brent crude futures settled up $2.17, or a 2.3 percent growth, to $95.69 a barrel. US West Texas Intermediate crude rose $2.59, or 3 percent, to $87.91.
Foreigners helped lift the bourse with a net inflow of P195.71 million.
The net market value turnover was recorded at P5.20 billion, slightly higher than the P4 billion average for this month, so far.
Properties were the sole loser, down by 0.74 percent, while Holdings gained the most by 2.46 percent.
Among index members, Monde Nissin Corp. was at the forefront, while Robinsons Land Corporation dropped the most by 2 percent.