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The PSEi rallied on expectations of a US trade deal coupled with upbeat first quarter earnings reports.
The main index jumped by 102.80 points or 1.64 percent to close at 6,354.99 with the Property sector and Banks leading the charge although the Services and Mining counters dropped. Volume rose to 727 million shares worth P8.28 billion as gainers beat losers 100 to 77 with 70 unchanged.
“Philippine shares were bought up as investor repositioned for May with many investors trading on optimism that the White House would release a possible trade deal to calm the market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Many corporate earnings came out locally including heavyweights such as AEV and MBT, while in the US, GM fell 0.6 percent after suspending buybacks, while Apple rose 0.5 percent. Amazon dipped 0.2 percent after backlash over a proposed tariff display. “
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped following positive cues from Wall Street amid a major trade deal announced by the US. Many investors also took the opportunity to buy stocks at bargain levels.”
“Additionally, Fitch Ratings’ decision to affirm the Philippines’ investment-grade BBB rating with a stable outlook added to the positive sentiment. Moreover, foreign investors helped lift the market, recording a net inflow of P986.27 million,” she noted.
