By James A. Loyola
The local market recovered from early losses yesterday despite weakness in US stock futures with the benchmark Philippine Stock Exchange index (PSEi) breaching the 8,000 resistance level.
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The main index jumped 120.05 points, or 1.52 percent, to close at 8,024.14 with share prices rising across the board, led by the Industrial sector.
A total of 1.134 billion shares valued at P8.79 billion was traded. Advancers swamped decliners, 125-80, with 44 issues unchanged.
“After a rather sluggish morning, shares traded much higher, reaching the psychological 8,000 marker. Part of this stemmed from a dovish message from the chairman of the Federal Reserve and amid renewed hopes that trade talks between the US and China will deliver a near-term deal,” said Regina Capital Development Corporation Managing Director Luis Limlingan.