Stocks ride on US gains to soar back past 8,000

MANILA, Philippines — The stock market soared yesterday, returning to the 8,000 mark as conglomerates, industrials and property companies led the market’s ascent.

The benchmark Philippine Stock Exchange index (PSEi) soared by 119.92 points, or 1.51 percent, to finish at 8,047.12.

Likewise, the broader All Shares gauge rallied by 61.08 points, or 1.28 percent, to end at 4,804.92.

All sectors also finished in positive territory led by the holding firms, industrial, property and services.

Total value turnover reached a whopping P8.44 billion and foreign buying outpaced foreign selling at P5.64 billion and P4.35 billion, respectively.

Philstocks Financials gave this comment: “Optimism from Wall Street’s performance on Wednesday night aided the local bourse in extending its rally.”

Luis Limlingan of Regina Capital added: “Philippine shares crossed over the 8,000 mark yet again just as  US stocks went on a three-day winning streak on Thursday. This came after The Wall Street Journal reported that the Trump administration was debating whether to ease tariffs on Chinese imports in a bid to calm markets and ease tensions with Beijing.”

The Dow Jones Industrial Average rose 162.94 points, wiping out earlier losses to end at 24,370.10 in choppy trade. The blue-chip gauge was up 267 points at its session high while the S&P 500 index climbed 19.86 points to 2,635.96.