PHILIPPINE shares soared during early trading on Thursday, breaching its new resistance level of 8,100 as investors continued to show confidence in the economy.
The benchmark index surged 1.25 percent during morning break or 100.62 points at 8,154.50. The broader All Shares rose 0.93 percent or 44.51 points to settle at 4,820.86.
“I think it’s … more of really uneasing of concerns, easing of the risks of North Korea that have receded on the background so we got more or less default view. There are a lot of things that we have to look forward to,” Philstocks senior research analyst Justino Calaycay Jr. said.
“We have already breached [the]all-time level. We’ve already rewritten the record,” he added.
The continued positive outlook of the Philippines boosted this optimism.
“Businessmen [are]still confident, economy is doing good, although earnings have not been able to pick up yet, and probably the expectations of infrastructure push of the government. So in light of those things, I think there is no reason for investors not to be confident,” he noted.
The index was higher as all sectoral indices settled in the green territory led by property growing 1.86 percent. ANGELICA BALLESTEROS