Philippine stocks closed at a new record for the second straight trading day of the year on Thursday.

The Philippine Stock Exchange index finished at 8,739.83 points, up 15.70. The index was headed towards a slight decline but last minute buying pushed it to the new record.

"Foreign players came in near the end of trading," said Ara Maghirang of Papa Securities, in a phone interview with the Daily Manila Shimbun.

Trade Secretary Ramon Lopez, in a text message to the Daily Manila Shimbun, said: "There is much optimism on the current Duterte administration."

"We ride on the growth momentum from last year of close to 7 percent and 9.4 percent in manufacturing, the record investments, upgrade to investment rating infrastructure, infrastructure build up, the positive impact of TRAIN (Tax Reform for Acceleration and Inclusion), and many more, including the improved peace and order situation and satisfaction rating of the administration," said Lopez.

The index has been at a record trek for the seventh straight trading session beginning in the last week of December 2017 as it gained nearly 300 points.

In the broader market, there are 121 decliners, 86 gainers and 47 unchanged.

Volume amounted to 1.02 billion shares worth P9.173 billion from Wednesday's 712 million shares valued at P7.28 billion. Despite the last spurt of foreign buying, foreigners were net sellers with P509.95 million.

Most active shares were led by Metrobank, up 2.2 percent to P106.90; GT Capital, up 2,4 percent to P1,324; BPI, up 2.45 percent to P112.70 and SM Prime, up 1.94 percent to P39.50.

The peso closed at P49.82 against the US dollar, down by one centavo from Wednesday. Volume at the Philippine Dealing System went down from Wednesday's $634.20 million to $519.25 million. DMS