By Arra B. Francia, Reporter
LOCAL stocks rallied on Friday, missing the 7,400-mark by a hair as China remained silent on the United States’ latest move on their trade spat.
The bellweather Philippine Stock Exchange index (PSEi) extended its winning streak to four days, after climbing 0.66% or 48.60 points to 7,399.18. The broader all-shares index likewise gained 0.44% or 19.69 points to 4,474.89.
“Philippine stocks ended on a high note, right at the 7,400 resistance level, with no further news over retaliation from China over the recent new tariffs, which was deemed good for investors,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
China showed no signs of retaliating to the additional tariffs on $200-billion worth of Chinese goods announced by US President Donald J. Trump earlier this week.
Wall Street welcomed China’s silence on the trade spat as well, with the Dow Jones Industrial Average jumping 0.91% or 224.44 points to 24,924.89. The S&P 500 index gained 0.87% or 24.27 points to 2,798.29, while the Nasdaq Composite index soared 1.39% or 107.31 points to 7,823.92.
Most Asian indices also ended in positive territory as uncertainties over the trade war started to ease.
Back home, services was the lone counter that ended with a loss, albeit minimal at only 0.08% or 1.07 points to 1,431.91.
Property led advancers with an increase of 0.86% or 30.84 points to 3,612.92, followed by holding firms which accelerated 0.78% or 56.15 points to 7,304.95. The industrial sub-index jumped 0.55% or 57.43 points to 10,447.73; mining and oil went up 0.4% or 39.07 points to 9,720.13, while financials added 0.09% or 1.66 points to 1,825.74.
Some 1.49 billion issues switched hands, valued at P5.46 billion, slightly down from Thursday’s P5.53 billion.
Advancers outnumbered decliners, 103 to 91, while 46 names ended flat.
Net foreign outflows thinned to P37.78 million, lower than the P262.82 million in net sales in the previous session.
“The weak net foreign selling figure of only P37.8 million, the lowest level for the week, may have also contributed to the index’s gain today,” Papa Securites Corp. Trader Gabriel Jose F. Perez said in an email.
Mr. Perez noted that in terms of technical analysis, the index is already overbought.
“With the index’s close of only a few points shy of the 7,400 level, we anticipate if it will continue its upward move next week. We therefore look forward to how US markets will perform (Friday) and should also remain vigilant on further trade war developments,” he said.