Index breaks past 7,900 on upbeat Asia markets

MANILA, Philippines — The Philippine Stock Exchange index broke the 7,900 mark yesterday, thanks to a last minute rally that pushed the index up by 217.55 points, or 2.82 percent, to settle at 7,919.67.

Traders said the market took the cue from upbeat Asian stocks and as investors remained cautiously optimistic on the US-China trade talks.

The broader All Shares gauge likewise surged by 93.80 points or 2.02 percent to end at 4,727.97.

The sectors were all in the green as well with the holding firms, services and property indices among the biggest gainers.

Total value turnover reached a whopping P10.170 billion. Market breadth was positive at 140 to 72 in favor of advancing stocks. A total of 30 issues were left unchanged.

Harry Liu, president of Summit Securities said the market is consolidating and may range from 7,600 to 7,800 in the medium term.

He expects the index to go sideways in another week or two before possibly reaching a new high somewhere in the beginning of February.

Before the end of the first quarter, he said the benchmark gauge may breach the 8,000 mark if no major setback happens in the country or abroad that could affect things.

Even developments in the US, he said, seem to be doing well for the US economy despite President Trump’s controversial policies including that of the US-Mexican border wall.