SONA buoys stocks


Philippine share prices rallied on investor anticipation of President Rodrigo Duterte’s first State of the Nation address (SONA) on Monday, but closed with pared gains as the afternoon session was cut half an hour shorter than usual to allow traders to listen to the public broadcast of the new leader’s speech.

Analysts expect a fuller market reaction to the SONA on Tuesday.

The benchmark Philippine Stock Exchange index (PSEi) hit a high of 8,114.34 points, up 88.99 points or 1.1 percent, before shedding some of the gains to close at 8, 049.13, up 23.78 points or 0.30 percent.

The All Shares index inched up by 0.27 percent or 12.95 points to settle at 4, 806.98.
Total turnover expanded to P10.18 billion, with gainers outnumbering losers, 115 to 85, while 45 issues finished unchanged.


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