PSEi up 2% in early trade on easing trade tensions
THE stock market was higher in early trading on Thursday with sentiment buoyed by easing trade tensions overseas coupled with increased net foreign buying and volumes.
At the noon break, the bellwether Philippine Stock Exchange index (PSEi) was up 151.84 points or 2.02 percent at 7,665.84. The broader All Shares rose 68.27 points or 1.51 percent to end at 4,603.80.
“Tariff tensions dropped after the United States and the European Union reached some deal which averted an outright trade war with the US winning some concessions from the European continent,” Regina Capital Development Corp. Managing Director Luis Limlingan said.
On Wednesday, US President Donald Trump announced the US has agreed to work with the EU towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods.
“This was what led to the PSEi climbing by close to 150 points as of lunch break. Add to that the increased volumes and net foreign buying, the index is establishing a new trading range,” he added.
All sectoral indices were higher led by holding firms, up 2.21 percent. ANGELICA BALLESTEROS
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