The news bolstered Wall Street overnight, which spilled over into Asian equities the following day.
The PSEi advanced 1.68 percent, or 108.62 points, to 6,566.82, while the broader All Shares index added 1.13 percent, or 42.48 points, to 3,805.33.
“The PSE benchmark index surged above the key resistance around 6,500 on strong volume as investors bought into positive news of a 90-day detente in the US-China trade war as well as the generally peaceful outcome of the Philippine midterm elections,” Juan Paolo Colet, managing director at China Bank Capital, said in a text message.
Is the rally sustainable?
“This is a good start to the shortened trading week, but sustaining this will now depend on the market’s reaction to upcoming data flows, including first quarter corporate earnings and the US April inflation print,” Colet said.
Services led other subsectors with a 2.48 percent gain. It was followed by holding firms (+1.96 percent) and industrial (+1.37 percent).
Ayala Land, the most actively traded stock, slumped 1.53 percent, while International Container Terminal Services jumped 5.71 percent to P407 per share.
Other top-traded stocks were BDO Unibank (+1.14 percent), SM Investments Corp. (+1.81 percent to P916), Bank of the Philippine Islands (+3.07 percent to P141), and Universal Robina Corp. (+1.64 percent to P93 per share).
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
