Trade talks hopes, AllHome debut spark market rally

MANILA, Philippines — The stock market rallied yesterday as markets cheered the possibility that the US-China trade war may again be resolved.

The benchmark Philippine Stock Exchange index (PSEi) rose to 7,765.03, up 83.78 points or 1.09 percent.

Likewise the broader All Shares index went up by 35.91 points, or 0.77 percent, to finish at 4,691.90.

Most sectors were up as well with the financials and property gauges leading the gains.

The stock market saw another initial public offering yesterday, the biggest IPO in three years. AllHome closed at P11.56 per share from the P11.50 offer price.

Gabriel Perez of Papa Securities gave this comment: “All eyes were on AllHome’s debut at the market today which definitely fared better than Axelum’s a few days ago. Home closed the day slightly up with a value turnover of P2.8 billion (along with P6.2 billion in block sale).

The index, meanwhile, closed 83.78 points in the green at 7,765.03, as the market remained focused on any developments for the US and China trade talks. This could likely end up influencing PSEi movement (today), Perez added.

Total value turnover reached P14.5 billion. Market breadth was positive, 93 to 78 while 53 issues were unchanged.

“The local bourse rose ahead of the US-China negotiations following the report that US President Trump may grant Huawei concessions,” Philstocks Financials said.