THE MAIN INDEX sustained its climb on Tuesday and broke into the 5,700 level, as investor optimism was fueled by positive trade data from China.

The 30-member Philippine Stock Exchange index (PSEi) went up 169.90 points or 3.02% to close at 5,780.88 yesterday. The broader all shares index likewise increased 88.32 points or 2.61% to 3,468.95.

“The market went up along with Asian markets today as investor sentiment turned positive when China released better-than-expected trade data,” Timson Securities, Inc. Trader Darren T. Pangan said in a text message on Tuesday.

“We have entered the 5,700 area but the coming days have to be observed if this level holds,” Mr. Pangan said.

China reported yesterday its exports and imports figures improved for the month of March compared to in January and February, as exports fell 6.6% and imports slid 0.9% year-on-year.

“This gave investors some optimism that the biggest economy in Asia is recovering faster than expected. This optimism overshadowed the jump in global COVID-19 (coronavirus disease 2019) cases overnight…,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The global COVID-19 tally as of Tuesday afternoon showed cases reached 1.93 million, and deaths have risen to over 119,000. In the Philippines, cases jumped to 4,932 as of Monday, with deaths reaching 315 and recoveries hitting 242.

All sectoral indices at the local bourse were gainers yesterday. Industrials led as it climbed 319.71 points or 4.35% to 7,655.60, followed by services which went up 54.01 points or 4.31% to 1,306.04.

Financials increased 44.05 points or 3.79% to 1,206.04; mining and oil climbed 165.77 points or 3.68% to 4,660.79; holding firms added 131.03 points or 2.36% to 5,664.59; and property picked up 62.43 points or 2.13% to 2,992.82.

Value turnover stood at P7.38 billion with 979.02 million issues changing hands, up from Monday’s P5.2 billion with 539.99 million issues.

Advancers beat decliners, 158 against 53, while 32 names ended unchanged.

Foreign outflows continued with a net selling of P1.29 billion yesterday, jumping from the P587.63 million logged on Monday.

“It (the PSEi) is coming up against its major resistance at 5,800, we may see some profit-taking in the next few days as a result. The general sentiment is cautious optimism as investors are willing to take a chance but will flee at the first sight of a reversal,” Mr. Mangun said.

Meanwhile, the Dow and S&P 500 fell on Monday as US companies prepared to kick off a quarterly earnings season expected to be rough due to the coronavirus pandemic, while Amazon.com gains helped the Nasdaq end higher, Reuters reported.

The Dow Jones Industrial Average fell 328.6 points or 1.39%,to 23,390.77; the S&P 500 lost 28.19 points or 1.01% to 2,761.63; and the Nasdaq Composite added 38.85 points or 0.48% to 8,192.43. — Denise A. Valdez with Reuters

RELATED ARTICLESMORE FROM AUTHOR