June 11, 2019
THE stock market returned to the 8,000 level on Monday as China’s improved trade data amid its worsening trade war with the United States buoyed investor sentiment.
The benchmark Philippine Stock Exchange index (PSEi) grew by 0.77 percent or 61.41 points to close at 8,045.39, while the broader All Shares rose by 0.44 percent or 21.52 points to finish at 4,912.31.
Brokerage firm Philstocks Financial Inc. said market players cheered the news that China trade data exceeded expectations, recording a surplus of $41.65 billion in May and increased surplus in the United States at $26.89 billion.
This came as exports rose by 1.1 percent, versus an 8.5-percent decline in imports.
In a separate comment, P2P Trade Online sales associate Gabriel Jose Perez said the bourse traded in line with its US counterpart, whose three main indices finished in the green last Friday.
Regional markets also followed suit. Tokyo increased 1.20 percent, Shanghai grew 0.86 percent, Hong Kong surged 2.27 percent, Seoul and Jakarta both rose 1.31 percent, Singapore added 0.65 percent and Bangkok was up 0.63 percent.
In Manila, only the financials index finished in the red, dipping 0.02 percent.
More than 1.6 billion issues were traded valued at P7.35 billion.
Losers led winners, 91 to 84, while 63 issues were unchanged.
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