PSEi back at 8,300 level, mirrors US gains

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The stock market climbed back to the 8,300 level on Friday, mimicking gains abroad but falling short of hitting a new record high.

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The bellwether Philippine Stock Exchange index (PSEi) gained 0.20 percent or 16.87 points to close at 8,310.88. The wider All Shares rose 0.10 percent or 4.79 points to finish at 4,889.44.

“Philippine markets returned to the green as US stocks notched new highs,” Regina Capital Development Corp. said in a note.

“This was coupled with prospects for solid growth … while US Federal Reserve officials continued to suggest that another rate hike in December is forthcoming,” it added.

US markets posted record closes anew on Thursday, with the Dow Jones Industrial Average climbing 0.50 percent, the S&P 500 up 0.78 percent, and the tech-heavy Nasdaq composite gaining 0.56 percent.

Asian markets rallied on the news, with both the Nikkei and Hong Kong adding 0.3 percent.

Back in Manila, only the holding firms, and mining and oil sub-indices gained during the day.
Over 1.2 billion issues valued at P7.36 billion changed hands.

Winners narrowly led losers, 99 to 96, with 49 issues unchanged.

The PSEi hit a fresh all-time high of 8,312.93 on Tuesday following positive news from Wall Street, but took a breather the following day to retreat back into 8,200 territory.

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