Stocks take positive cue from GCQ, Wall st gains
MANILA, Philippines — The Philippine Stock Exchange index (PSEi) cheered the reopening of the economy, breaching the 6,000 level as it rose by 95 points to close at 6,025.17.
The broader All Shares index likewise rose by 41.50 points, or 1.18 percent, to end at 3,551.72.
Most indexes were up with the holding firms, property and industrial indices leading the gainers.
Total value turnover reached P7.286 billion. Market breadth was positive with 117 gainers and 61 losers,while 43 issues were unchanged.
Traders said the market took the cue from US stocks which closed higher when President Trump did not mention tariffs on China during a press conference about China’s new security law in Hong Kong.
The S&P 500 has rebounded more than 35 percent since its March 23 low and now trades 10 percent below its all-time high. The rally, after stocks plunged 34 percent in just 23 trading days, was unloved because investors weren’t positioned to take full advantage, but welcome because most investors are structurally long-biased, said Goldman Sachs analysts, according to an article on MarketWatch.
Traders said the US markets generally ignored the protests brought against police brutality which resulted in the death of African-American George Floyd in Minneapolis.
Traders instead pinned hopes for an economic rebound in the US, which could then help restart the global economy as well.
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