Stocks soar past 7,900 mark

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Metro Manila (CNN Philippines, January 9) — The Philippine stock market entered bullish territory Wednesday.

The Philippine Stock Exchange closed at 7,919.67, 217.55 points higher than yesterday's close. All sub-indices ended in the green.

This followed the trend of major global markets. Japan's Nikkei and Hong Kong's Hang Seng gained 225 and 600 points respectively during the last trading session. U.S. markets were also in the green.

"U.S. stocks rose on Tuesday as large tech companies like Apple and Amazon outperformed while investors remained cautiously optimistic Washington and Beijing could move forward on a trade deal," said Luis Limlingan from Regina Capital.

He added markets reacted favorably to U.S. President Donald Trump's latest national address, in which the chief executive said that the trade talks between the U.S, and China are doing well.

Gio Perez from Papa Securities said the market may soon reach the 8,100 mark.

"With the strong breakout above the 7,900 resistance today, next level to watch out for would be the high last April of 8,100. Level could possibly reached soon especially if the inflow of foreign funds continue to remain strong in the coming days," Perez said.

Spot trading of the peso closed at P52.34 versus the dollar, gaining back seven centavos from Tuesday.