PSEi reaches 9-month high

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Metro Manila (CNN Philippines, January 14) — Local stocks soared Tuesday, surpassing the 8,000 mark to end at a nine-month high.

The Philippine Stock Exchange index rose 56.45 points or 1.19 percent to 8,024.14, the highest since April 5, 2018.

All indices ended in the green, with industrial, holding firms and property leading with 245.99 points (2.14 percent), 127.90 points (1.62 percent), and 50.65 points (1.28 percent) increases, respectively. Financials (24.74 points), mining and oil (10.03 points), and services (2.48 points) trailed.

Analysts attributed the increase to different global factors such as the positive remark of the United States Federal Reserve last week and the state of other international stock tradings.

"Part of this stemmed from a dovish message from the chairman of the Federal Reserve and amid renewed hopes that trade talks between the U.S. and China will deliver a near-term deal. WTI Crude pulled back 2 percent after a sharp rally in week. The U.S. shutdown is into its 21st day, matching the longest ever closure. Stocks in Europe saw little change on Friday, as investors tried to navigate through political uncertainty across the globe," Luis Limlingan from Regina Capital said.

Aniceto Pangan of Diversified Properties, meanwhile, also cited high foreign investments as a result of tappering inflation as among the reasons for the upward closing.

Market continued its uptrend as foreign investors sustain its eighth consecutive net foreign buying at more than P900 million due to two consecutive months of low inflation rates. Also, Hanjin's bankruptcy issue has simmer down after interested investors have shown their potential to serve as white knight through purchase of the said company," Pangan said.

Spot trading of the peso closed at ₱52.26 versus the dollar, gaining back 12 centavos from Friday (January 11).