PH stocks rally back to 7,800

The local stock barometer breached the 7,800 barrier on Tuesday, drawing strength from upbeat US and regional markets.

Reopening after a long weekend break, the main-share Philippine Stock Exchange index (PSEi) racked up 78.14 points or 1 percent to close at 7,844.61.

Regional markets took their cue from the recent upswing in US markets as investors welcomed news on US-Mexico bilateral trade talks.

Local stock brokerage Papa Securities said there wasn’t much surprise at the Jackson Hole summit over the weekend, with US Federal Reserve chair Jerome Powell affirming the central bank’s current path of “gradual” rate hikes.

“With Powell maintaining his stance, this likely means that a raise in September is all but certain—but how about our very own BSP (Bangko Sentral ng Pilipinas)?” the brokerage wrote.

After 7,800, the next resistance is seen at 8,000.

At the local market, the financial and mining/oil counters led the uptick on Tuesday, respectively rising by 1.68 percent and 1.85 percent.

The industrial, holding firm and property counters also firmed up.

The services counter, on the other hand, was a tad lower.

Value turnover for the day amounted to P7.65 billion.

There were 112 advancers that edged out 94 decliners while 38 stocks were unchanged.

The PSEi was led higher by Globe Telecom and Meralco, which were up by 3.5 percent and 3.83 percent, respectively.

ICTSI surged by 2.86 percent while SM Investments and BDO both added over 2 percent.

SM Prime and Metrobank both gained over 1 percent while Ayala Land, Megaworld, and Metro Pacific also firmed up.