By James A. Loyola
The local stock market rallied yesterday on news of the low inflation rate in October and hopes of a US-China trade deal.
Adding to the positive sentiment was the record high close overnight of Wall Street stocks.
The Philippine Stock Exchange index (PSEi) jumped 157.03 points, or 1.95 percent, to close at 8,216.68, powered by the 6.44 percent spike in the price of heavyweight SM Investments Corporation, with only the Mining & Oil sector retreating. Volume rose to 651.15 million shares worth ₱9.55 billion with losers edging out gainers 95 to 94 with 54 unchanged.
“Philippine shares climbed astronomically, amid continued optimism about a near-term US-China trade resolution and PH inflation hitting below 1 percent once again for October,” said Regina Capital Development Corp. Managing Director Luis Limlingan.