The local stock barometer extended its gains to close above the 6,400 level Thursday, driven by bargain hunting and positive cues from Wall Street.
The 30-company Philippine Stock Exchange index rose 12.38 points, or 0.19 percent, to close at 6,407.15. The broader all shares index also ended marginally higher, gaining 5.27 points, or 0.15 percent, to finish at 3,547.32.
Philstocks Financial Inc. research head Japhet Tantiangco said sentiment was bolstered by hopes for a potential interest rate cut. Following the market close, the Bangko Sentral ng Pilipinas announced a 25-basis-point reduction during its policy meeting.
Sector performance was mixed. The mining and oil index led gainers, surging 3.76 percent, while the industrial index rose 1.20 percent. Conversely, property declined 0.86 percent and services dipped 0.06 percent.
Trading remained thin with value turnover at P4.94 billion, trailing the year-to-date average of P6.28 billion. Foreign investors were net sellers, with outflows totaling P96.93 million.
Semirara Mining and Power Corp. emerged as the top index gainer, jumping 13.53 percent to P25.60. DigiPlus Interactive Corp. was the worst performer, falling 1.66 percent to P14.18.
Meanwhile, the peso weakened slightly, closing at 57.996 to the US dollar from 57.861 on Wednesday.
