The Philippine Stock Exchange index (PSEi) continued its upward trend on Thursday, reaching a new milestone as the main index surpassed the 6,100 mark.
The PSEi rose by 0.93% or 56.46 points to close at 6,125.72, while the broader all shares index went up by 0.54% or 18.25 points to end at 3,343.03.
The market's optimism was fueled by the World Bank's upgrade of the Philippine economy's income status from lower middle to upper middle, a positive macro signal that supported risk appetite and sustained demand for equities.
The manufacturing sector also showed signs of improvement, with the S&P Global Philippines Manufacturing Purchasing Managers' Index (PMI) edging up to 50.9 in June from 50.8 in May.
The Philippines is now classified as an upper-middle income country (UMIC) by the World Bank, reflecting the economy's broad-based expansion and a record gross national income (GNI) per capita of $4,850.
The majority of sectoral indices closed higher on Thursday, with notable gains in the mining and oil, services, and holding firms sectors.
Advancers beat decliners, 98 to 87, while 47 names were unchanged, with Jollibee Foods Corp. emerging as the top index gainer for the day, rising 6.29% to P148.80.
The value turnover increased to P5.52 billion on Thursday, with 2.06 billion shares traded, while net foreign selling increased to P199.83 million from P79.59 million in the previous session.
