PSEi Hits Near 10-month High

The local stock market opened the week at an almost 10-month high near 7,600-mark on Monday after United States (US) data showed healthy job gains.

The Philippine Stock Exchange index (PSEi) surged 84 points, or 1.12 percent, to 7,598.22 from Friday’s 7,514.22 finish.

Monday’s numbers eclipsed the PSEi’s previous record close of 7,570.45 on Aug. 11, 2015.

“Markets rallied as US jobs data last Friday came in a way below expectations. In effect, this weakened the case for a Fed (Reserve) rate hike this month of even in July,” said Jonathan Latuja, equity research analyst at Unicapital Securities, Inc.

A nonfarm payroll indicated that the US created 38,000 jobs in May.

At home, all counters ended higher led by property sub-index which advanced 2.22 percent.

Volume of transactions reached 2.02 billion shares valued at Php7.16 billion.

Advancers outpaced decliners, 101 to 80, while 48 issues unchanged. (PNA) RMA/LDV