Stocks bounce back on trade deal optimism
By James A. Loyola
The local stock market regained losses from the previous session yesterday following gains in the US overnight.
The Philippine Stock Exchange index (PSEi) jumped 97.26 points, or 1.26 percent, to close at 7,839.79 as share prices rose across the board.
Volume improved a little but remained low at 659 million shares worth ₱5.6 billion as gainers beat losers 108 to 68 with 59 unchanged.
“Philippines shares rallied on the second day of trading of the year amid optimism of a trade deal. US stocks rose to all-time highs led by tech shares, as the strong rally in 2019 continued in the first trading day of the new year,” said Regina Capital Development Corp. Managing Director Luis Limlingan.
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