Stocks rally past 8,000 on positive US-China trade developments

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) finished strong yesterday as it rose 94.97 points or 1.19 percent to finish at 8,017.01.

Likewise, the broader All Shares gauge rose 37.07 points or 0.76 percent to end at 4,882.57.

The rest of the sectors rallied as well, with the holding firms, property and service indexes among the strongest performers.

Total value turnover reached P7.304 billion. Market breadth was positive, 106 to 81, while 53 issues were left unchanged.

Online portal Philstocks said the main index closed higher as investors reacted to positive developments on the US-China trade dispute.

Yesterday, global markets rallied after China and the United States were reported to be rekindling talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping.

The news cheered financial markets on hopes that an escalating trade war between the two countries would finally be averted and abated.

Trump said on Tuesday that teams from the two sides would begin preparations for the leaders to sit down at the G20 summit in Osaka.

“Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting,” Trump said in a post on his Twitter account.