PSEi shoots past 8,000 as US, China score over interim deal

The local stock barometer raced back to the 8,000 mark on Monday as optimism over a partial US-China trade deal buoyed regional markets.

The main-share Philippine Stock Exchange index (PSEi) racked up 82.53 points or 1.03 percent to close at 8,059.65. Improved foreign risk appetite brought in about P1 billion in net foreign flows to the market.

Investors welcomed a statement from US Commerce Secretary Wilbur Ross that a phase one trade deal with China could be sealed this month.

“Investors may also be optimistic about local data set to be released in the next few days,” said Christopher Mangun, head of research at AAA Equities.

“The next major resistance for the main index lies at 8,150. A break above this level will confirm that it is a strong rally. However, if it can not stay above 8,000 in the coming days, we may see it go lower and retest a strong support level,” he added.

All counters ended higher, led by the financial, industrial, services, mining/oil and property firms, all of which gained over 1 percent.

Value turnover for the day amounted to P6.57 billion.

There were 120 advancers that overwhelmed 62 decliners, while 41 stocks were unchanged.

Bloomberry led the PSEi higher with its 5.71 percent-gain.

BDO advanced by 3.23 percent while ICTSI, URC, Metro Pacific, Security Bank and Meralco all added over 2 percent.

SM Prime, JG Summit and Globe Telecom gained over 1 percent.

Ayala Corp., Ayala Land Inc., BPI and Jollibee also firmed up.

One notable gainer outside the PSEi was Global Ferronickel, which rose by 1.06 percent in heavy volume.

On the other hand, Metrobank pulled back by 1.78 percent while the day’s most actively traded company, SM Investments, declined by 0.49 percent.