Index ends H1 as 3rd best in Asean

MANILA, Philippines — The stock market sustained its strong finish yesterday, rising by another 49.89 points, or 0.62 percent, to end at 8,093.60.

Likewise, the broader All Shares index was up 26.06 points or 0.53 percent to finish at 4,941.71.

Most sectors were up except for the property index.

Total value turnover reached P5.934 billion with market breadth finishing in positive territory, 118 to 77 in favor of gainers. A total of 51 issues were left unchanged.

Traders said the market remains positively charged following the US-China tariff ceasefire as both countries agreed to restart trade talks.

President Trump offered to stop imposing additional tariffs and ease restrictions on Huawei in order to reduce tensions with Beijing.

In all, the  PSE index  ended the first half with a 7.1 percent gain year-to-date, which also made it the third best performing stock index in ASEAN.

“The stock market benefitted from a mix of positive internal and external factors. On the domestic front, we saw inflation stabilize which prompted an interest rate cut and a reduction in reserve requirement by the Bangko Sentral. The PSE is among the emerging markets that benefitted from foreign fund inflows which are looking for attractive returns as US interest rates remain steady,”PSE president and CEO Ramon S. Monzon said.

Foreign investors were net buyers in the market at the end of the six month period. Net buying was at P21.10 billion, a reversal from the P65.84 billion net foreign selling at the end of June 2018.

Daily average value turnover, on the other hand, rose by 9.7 percent to P7.84 billion year-to-date.

Market capitalization was at Php 14.69 trillion, up by 8.4 percent since the start of the year.