By Komfie Manalo
The Philippine Stock Exchange index (PSEi) gained 119.89 points to 6,609.24, driven by the positive spillovers from Wall Street, while the peso closed almost flat against the dollar.
The All Shares also rebounded after Thursday's market close, rising 45.64 points to 3,555.68.
"The local market rose by 119.89 points (1.85%) to 6,609.24 this Thursday, joining its neighboring peers in the green territory. Thursday's rise is driven by the positive spillovers from Wall Street's record-high performances overnight amid hopes of rate cuts by the Federal Reserve," Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said.
"The Philippine peso's improved performance against the US dollar was cheered. Adding to the positive factors was the inflow of foreign funds as foreigners were net buyers amounting to PHP69.30 million," Plopenio added.
All sectors were green, led by the conglomerates, which climbed 2.35 percent, followed by the Industrials index, which rose 1.85 percent.
Gainers edged losers 117 to 98.
The peso, meanwhile, closed at 58.30 to a dollar, almost unchanged from Wednesday's closing of 58.32.
It opened at 58.24 from the previous day's 58.3.
It traded between 58.24 and 58.34, bringing the weighted average for the day to 58.29.
The volume of trade declined to $1.12 billion from $1.16 billion.
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