The stock barometer advanced to the 6,900 level on Wednesday as investors cheered signs of improvement in the country’s external trade.
The Philippine Stock Exchange index (PSEi) gained 92.82 points, or 1.36 percent, to close at 6,902.54, supported by about P1.09 billion in net foreign buying.
“The market rallied higher after trade data and manufacturing output for the month of April was released. Large-cap property blue chips, which remained heavily depressed, continued to lead the entire PSEi higher. Trading volumes also picked up,” said Christopher Mangun, head of research at AAA Equities.
The country’s April export receipts stood at $5.71 billion, about 15-percent lower than…
Keep on reading: PSEi shoots up to 6,900 as PH reclaims trade vigor