MANILA, Philippines — The stock market gained yesterday, ending a four-day losing skid as investors turned optimistic on the results of the ongoing trade talks between the US and China.
The Philippine Stock Exchange index finished yesterday’s session 0.89 percent or 71.01 points higher at 7,991.25–the first time this week that it ended in positive territory.
The broader All Shares index also firmed up, gaining 0.82 percent or 39.65 points to close at 4,851.64.
“Philippine shares finally charged ahead after successive profit taking sessions with major indices nearing overbought, more hope on a trade deal being reached between the US and China and, the US core CPI being firmer,” Regina Capital’s Luis Limlingan said.
All sectoral indices, except for mining and oil, finished in the green, led by financials and property which soared 1.74 percent and 1.66 percent, respectively.
Mining and oil saw a 0.62 percent drop to close Thursday’s session.
Value turnover thinned to P5.11 billion from the previous day’s P7.27 billion.
Market breadth turned out positive, however, as advancers crushed decliners, 115 to 92, while 39 issues did not change.
2TradeAsia said players remain on wait and see mode given the bourse’s recent decline. It noted, however, that most investors may likely heed for 2018 earnings results to confirm their next portfolio allocation move.