Foreign buying of index-heavyweights helped lift the local stock market on Thursday following gains on Wall Street overnight.
Some investors also took positions for the release of June inflation data on Friday.
The benchmark PSEi climbed 49.93 points or 0.78 percent to close at 6,468.98. The broader All Shares index inched up 6.42 points or 0.17 percent to 3,803.33.
Foreign funds reversed course, posting net buying of P1.1 billion. Purchases totaled P4.91 billion against P3.8 billion in sales.
Trading closed with 126 losers and 84 gainers, while 60 issues were unchanged. Volume reached 1.77 billion shares across 109,203 trades, with total turnover at P10.22 billion.
Global sentiment was buoyed by a fresh wave of optimism over easing geopolitical tensions and trade progress.
The signing of a US–Vietnam trade deal just ahead of a looming tariff deadline helped reassure investors wary of escalating protectionism.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said optimism improved after US President Donald Trump announced a new trade deal with Vietnam.
“The US markets welcomed the deal, with the S&P 500 and Nasdaq both posting new record highs,” Ricafort noted.
At home, expectations remain divided on whether inflation for June will show a modest uptick or remain steady. Analysts earlier polled by this paper projected a mean inflation rate of 1.47 percent, slightly higher than May’s 1.3 percent, citing temporary fuel price spikes triggered by Middle East tensions.
Luis Limlingan, managing director at Regina Capital Development Corp., noted that local investors were positioning ahead of the June inflation print due Friday, July 4.
“However, weaker-than-expected ADP employment data in the US tempered overall gains, as it bolstered expectations of a Federal Reserve rate cut this July,” Limlingan said.
