PSE index returns to 6,600 level on tourism recovery

Local stocks extended their climb Thursday to close above the 6,600 level, bucking the regional decline amid optimism on second-quarter corporate earnings.

The Philippine Stock Exchange index, the 30-company benchmark, jumped 71.59 points, or 1.09 percent, to close at 6,613.60, while the broader all-shares index went up 25 points to 3,515.91.

“Philippine shares climbed higher again on stronger-than-expected earnings results locally and regionally, the latter creating optimism for soft landing for the economy,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Limlingan said investors also cheered the Department of Tourism’s report that international visitor arrivals reached 3 million as of July 19, 2023 on track to meet the 4.8 million target for 2023.

Foreign investors were net buyers by P419.8 million, which boosted trading value to P4.5 billion.