The benchmark stock market index climbed to a new record high on Wednesday, surging by 42.28 points to finish at 6,091.18 from previous day's 6,048.90.
Analysts believe that the market has further room to rally fueled by strong local demand and rosier economic outlook.
"Too much liquidity and economic prospects are driving the buying spree of investors," said Justino Calaycay Jr., equities trader at Accord Capital Equities Corp.
Jonathan Ravales, chief strategist at BDO Securities, said the record-low interest rates on treasury bills allow listed companies to expand their businesses.
"This encourages people to invest in the stock market," he said in an interview.
Ravales said foreign funds also continue to flow in the market.
In Wednesday's trading, the broader all-shares index increased by 0.57 percent or 21.64 points to 3,835.29.
Indexes of all sectors index were up, led by mining and oil that rose by 291.97 points to 20,904.72 followed by the property sector that increased by 21.39 points to 2,387.49.
Financial index was also up by 12.23 points to 1,588.76; the industrial sector by 67.62 points to 9,216.22; and the holding firms by 31.25 points to 5,439.96.
The volume of trade during the day reached 2.28 billion shares worth P8.54 billion. Advancers led gainers at 109 to 73, while 32 remained unchanged.
The day's most active were Metropolitan Bank & Trust Company, Philippine Long Distance Telephone Company, BDO Unibank Inc., Ayala Corporation and Megaworld Corporation.
Top gainers were Century Peak Metals Holdings Corp., Federal Resources Investment Group, Inc., Mabuhay Holdings Corp., Unioil Resources and Holdings Company, Inc. and Bogo Medellin Milling Company, Inc.
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