PSEi returns above 6,400

MANILA, Philippines — The local stock market capped off the week strongly, returning above the 6,400 level after a trade deal framework between the United States and the United Kingdom boosted investor sentiment.

The benchmark Philippine Stock Exchange index (PSEI) surged by 1.08 percent or 68.71 points to close yesterday’s session at 6,458.20.

The broader All Shares index also finished in the positive territory, rising by 0.6 percent or 22.5 points to 3,762.85.

Philstocks Research said in a report that the local market advanced on the back of positive spillovers from Wall Street, fueled by the prospects of trade negotiations with the US following significant progress on the US-UK trade deal.

“Hopes of further monetary policy easing by the Bangko Sentral ng Pilipinas following the Philippines’ slow April inflation print and below target first quarter GDP (gross domestic product) growth also drove the positive sentiment,” it said

Trading was strong as net value turnover expanded to P7.54 billion from the previous day’s P5.72 billion.

All counters were in the green, except for mining and oil, which plunged by 1.55 percent.

Holding firms led the charge as it soared by 2.75 percent.

Market breadth was positive as advancers crushed decliners, 105 to 84, while 56 issuers did not change.

ICTSI kept its spot as the session’s top traded stock, slipping by 0.1 percent to P385 per share.

Ayala Land came next, also declining by 2.56 percent to P22.85, followed by BDO and URC, which climbed by 1.22 percent and 7.14 percent, respectively, to P166.10 and P91.50.