/PNA
MANILA — The local stock market once again hit the 8,000-point level, reportedly inspired by a healthy United States market, which gained for three straight days.
The Philippine Stock Exchange index (PSEi) closed the week at 8,047.12 points, up by 119.92 points or 1.51 percent.
All shares also increased by 61.08 points or 1.29 percent to 4,804.92 points.
“The Wall Street Journal reported that the Trump administration was debating whether to ease tariffs on Chinese imports in a bid to calm markets and ease tensions with Beijing,” Regina Capital managing director Luis Limlingan said.
Limlingan cited that Dow Jones Industrial Average went up by 162.94 points, S&P 500 Index increased by 19.86 points, and Nasdaq Composite Index rose 49.77 points.
All counters ended in the green on Friday’s trading.
Total value of trade amounted to PHP8.44 billion.
Meanwhile, the Philippine peso further weakened to 52.52 to a dollar, falling by 0.11 from Thursday’s finish of 52.41.
It opened the day already weak at 52.40 from last day’s opening of 52.15, trading between 52.35 and 52.55. Weighted average on Friday settled at 52.45 to the greenback.
Volume of trade this day reached USD807.22 million, lower than the USD932.22 million volume on Thursday.
