Stock market climbs back to 8,200 level

SHARE prices snapped three consecutive days of losses as several issues lifted the equities market at the last minute.

The benchmark Philippine Stock Exchange index ( PSEi) climbed 0.59 percent or 48.14 points to close at 8,238.15. The wider All Shares rose 0.32 percent or 16.06 points to 4,982.50.

“SM Investments Corp. (SMIC) and Jollibee Foods Corp. (JFC) led the index’s recovery,” Papa Securities Corp. equity trader Gio Perez said.

Shares of SMIC jumped by 2.68 percent or P24.50 to close at P937 per while Jollibee added P21.40 or 7.54 percent to P305.40 apiece.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said the market had gained following mixed results on Wall Street.

The week saw global stock markets roiled by concerns over the direction of US trade policy after the imposition of steep tariffs on steel and aluminum exports, the departure of moderate voices from US President Donald Trump’s Cabinet, and fresh initiatives targeting India and China.

Further volatility could result next week as the US Federal Reserve is expected to announce a fresh policy rate hike. Locally, the Monetary Board will also be reviewing its policy stance.

8,200 B2

Most counters closed in the green on Friday except for financials (down 0.12 percent) and mining and oil ( down 1.58 percent).

Volume turnover rose to 6.21 billion issues valued P19.7 billion.

Market breadth, however, remained negative as decliners led advancers, 139 to 75, while 42 issues remained unchanged.