Stocks stay in green, near 8,000 threshold

MANILA, Philippines — The stock market stayed in positive territory yesterday,  further gaining 65.56 points or 0.82 percent to finish nearer the 8,000 mark at 7,985.23.

Likewise, the broader All Shares index reached 36.94 points or 0.78 percent to end at 4,764.91.

The sectoral indices, meanwhile, also performed stronger yesterday with the services and financials leading the gains. Only the mining and oil bucked the trend, finishing in negative territory and was down by 0.28 percent.

Total value turnover, meanwhile, was robust at P10.111 billion. Market breadth was positive, 109 to 82 while 51 issues were left unchanged.

“Philippines shares once more moved closer to the 8,000 level alongside with the S&P 500 in its longest winning streak since Sept. 14, on reports that the US and China have narrowed differences over trade,” Luis Limlingan of Regina Capital said in a comment.

Minutes from the December’s Federal Open Market Committee meeting, which indicated caution on future interest rate hikes, also helped to buoy sentiment, he added.

As for the China-US trade talks, he said these ended with mild optimism, but few details.

The US said the two sides considered ways to “achieve fairness, reciprocity, and balance” — including effective enforcement — and noted Beijing’s commitment to buy more American agricultural products, energy and manufactured items. Positions were further apart on harder issues, according to reports.