Index vaults back to 7,800 as US-China talks advance

MANILA, Philippines — The stock market continued to perform well as market investors cheered the news that the US eased restrictions on Huawei.

Yesterday’s session saw the market return to the 7,800 level for the first time in two weeks, ending 93.51 points higher at 7,815.07.

Likewise, the broader All Shares gauge was up 39.71 points, or 0.83 percent, to end at 4,821.85.

Most sectors were up yesterday except for mining and oil index, which was down 1.10 percent.

Total value turnover reached P10.2 billion including block sales. Market breadth was positive 112 to 78 while 43 issues were unchanged.

Ayala Corp., the country’s oldest conglomerate, bought 3.8 million shares from second largest shareholder Mitsubishi Corp.

As a result, AC had the highest gain yesterday, rallying 6.5 percent and finishing to a whopping P905 per share yesterday.

JG Summit Holdings Inc. was also among yesterday’s big gainers, finishing higher by 4.3 percent. The same is true for Aboitiz Equity Ventures which went up four percent yesterday.

Foreign buying reached P3.7 billion, but foreign selling was at P7.2 billion for a net foreign selling of P3.5 billion.

As for the Huawei ban, the US Department of Commerce said it would issue a “Temporary General License” (TGL) amending the current order that bans American companies from supplying technologies to Huawei.