Wall Street rally drives up local stocks

MANILA, Philippines — The stock market yesterday benefitted from renewed investor optimism. Traders said the stock market was lifted by the rally in the US stock market, which in turn was caused by strong corporate earnings results.

The benchmark Philippine Stock Exchange index (PSEi),rallied by 112.66 points or 1.61 percent to finish at 7,099.68.

Likewise, the broader All-Shares index jumped by 52.57 points or 1.22 percent to finish at 4,342.28.

All the other indices also closed in the green with most rallying during yesterday’s session.

Total value turnover likewise improved to P5.74 billion and market breadth returned to positive, 129 to 57 in favor of advancers. Forty six issues were left unchanged.

PSEi joins a rally that swept US, Asia thanks to strong US corporate earnings.

Wall Street stocks surged higher on Tuesday on the back of strong earnings reports. Traders said there were strong results from banks and healthcare companies.

This helped assuage concerns on the US economy and trade war with China.

For instance, the Dow Jones Industrial Average finished at 25,798.42, up 2.2 percent or nearly 550 points.

Similarly, the broad-based S&P 500 rallied 2.2 percent to 2,809.92.

The Nasdaq Composite Index was in the same league, jumping 2.9 percent to 7,645.49.