Share prices rose and drove the benchmark PSEi past a key resistance level on Monday as investors hunted for bargains and shrugged off fresh trade tensions abroad.
The PSEi climbed 65.16 points or 1.01 percent to close at 6,525.04.
The broader All Shares advanced 19.83 points or 0.52 percent to settle at 3,832.36.
Market breadth was neutral, with 97 advancers matching 97 decliners, while 67 issues were unchanged.
Trading volume remained moderate, with 2.3 billion shares worth P6.5 billion exchanged across 71,093 trades.
Foreign investors were net buyers, posting P632.24 million in inflows — driven by P3.56 billion in purchases against P2.92 billion in sales.
Luis Limlingan, managing director at Regina Capital, said the local market tracked regional peers higher, brushing aside geopolitical jitters that were triggered by US President Donald Trump’s new tariffs on Canada and hints of further protectionist moves.
“Investors appear to be pricing in expectations of a bilateral trade deal between the Philippines and the US before the August 1 deadline,” Japhet Tantiangco, research manager at Philstocks Financial, said.
He added that Monday’s advance also reflected bargain-hunting after back-to-back sessions of decline.
Gains were led by heavyweights in the banking and conglomerate sectors, Alfred Benjamin Garcia, head of research at AP Securities., said.
“Investors are shifting into diversified exposure as economic signals begin to shift,” he said. “The index also gained momentum after breaking past the 6,500 resistance.”
Supporting the upbeat mood was sustained growth in bank lending, which Seth Pangan of Diversified Securities said reflected strong underlying economic activity heading into the second quarter.
