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.
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.