Stocks gain as Asia shrugs off UK polls
The benchmark Philippine Stock Exchange index (PSEi) gained 31.61 points, or 0.39 percent, to finish at 7,990.24 while the broader All Shares gauge gained 11.73 points or 0.24 percent to end at 4,749.13. File photo
MANILA, Philippines - The stock market firmed up yesterday, taking the cue from Asian stocks which mostly shrugged off the results of the general elections in the United Kingdom which showed a hung parliament and uncertainty over the nation’s Brexit negotiations.
The benchmark Philippine Stock Exchange index (PSEi) gained 31.61 points, or 0.39 percent, to finish at 7,990.24 while the broader All Shares gauge gained 11.73 points or 0.24 percent to end at 4,749.13.
Despite firming up during yesterday’s session, the PSEi stayed below the 8,000 mark.
Most of the counters likewise ended in positive territory led by the holding firms, services and property. On the other hand, the industrial and mining and oil shed off previous gains.
Generally, traders said the market calmed down after the so-called Super Thursday — in the form of the UK general election, the European Central Bank’s “allegedly hawkish” decision, and James Comey’s Congressional testimony.
Elsewhere, the Nikkei Asia300 Index of some of Asia’s most influential companies outside Japan rose 0.3 percent.
This was after the Nasdaq composite closed at record highs overnight.
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