Extended US-China trade talks propel PSEi to 7,800 in morning trade
Credit to Author: The Manila Times| Date: Wed, 09 Jan 2019 04:28:14 +0000
THE stock market rallied to the 7,800 level anew in early trading on Wednesday as market sentiment was said to be buoyed by an extended trade talk between the United States and China.
The Philippine Stock Exchange index (PSEi) grew by over 2 percent at intra-day trading, before paring gains to pause at noon break up by 1.99 percent or 153.10 points at 7,855.22. The broader All Shares increased by 1.49 percent or 69.05 points at 4,703.22.
Piper Chaucer Tan, Philstocks Financial Inc. research associate, said in a text message that the local market tracked a global rally, buoyed by news that Beijing and Washington would extend an unscheduled third-day trade talk.
Signs of progress were also reported on issues such as increased access to China markets and purchases of US farm and energy commodities during a two-day meeting, which kicked off on Monday.
Tan said local investors were also bargain-hunting following a decline on Wednesday, while the market was also said to be retesting the 7,900 level.
All sectoral results were in the green territory with the holding firms index up the most by 2.62 percent. ANGELICA BALLESTEROS
The post Extended US-China trade talks propel PSEi to 7,800 in morning trade appeared first on The Manila Times Online.