Index rallies on positive investor sentiment

MANILA, Philippines -  Share prices rallied yesterday, buoyed largely by the French election results, Wall St.’s positive performance, investor optimism on Dutertenomics and prospects of a strong first quarter economic growth, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) soared 1.47 percent, or 111.58 points, to finish at 7,700.46 while the broader All Shares index gained 54.07 points, or 1.19 percent, to end at 4,596.88.

Most counters ended in positive territory with the holding firms and the property sectors as the biggest gainers.

Total value turnover surged beyond P8 billion. Advancing stocks outnumbered decliners, 113 to 73 while 57 issues were left unchanged.

Foreign buying was at P4.627 billion while foreign selling stood at P3.174 billion, bringing the net foreign buying at P1.452 billion.

“The Philippine markets soared by more than 100 points, following the sentiment of US stocks rallying to finish higher the previous trading session. Major indexes advanced more than one percent and the tech-heavy Nasdaq scoring a record high close following a strong showing by centrist Emmanuel Macron in the French presidential election, which averted fears of a euroskeptic-only runoff,” said Luis Limlingan, managing director at Regina Capital.