PSEi up as China-US trade deal hopes rise
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 18 Jan 2019 16:22:18 +0000
THE stock market returned to 8,000 level anew on Friday, tracking a global rally spurred by reports that the US could lift tariffs on China.
The benchmark Philippine Stock Exchange index (PSEi) jumped by 1.51 percent or 119.92 points to close at 8,047.12. The wider All Shares grew by 1.29 percent or 61.08 points to finish at 4,804.92.
Regina Capital Development Corp. head of sales Luis Limlingan said investors cheered news that the Trump administration officials were looking to remove some or all of the tariffs imposed on Beijing in return for structural reforms.
The Treasury department, for its part, said no formal recommendations had been made and that talks between the US and China “were nowhere near completion.
Overnight, the Dow Jones rose by 0.67 percent, the S&P 500 grew by 0.76 percent, and the Nasdaq gained 0.71 percent.
In Asia, Hong Kong rose 1.3 percent and Shanghai ended 1.4 percent higher, while Tokyo jumped 1.3 percent.
Sydney added 0.5 percent, Seoul gained 0.2 percent and Singapore put on 0.8 percent, while there were also advances in Wellington and Taipei.
Back in Manila, all indices ended in the green with the holding firms sector up the most by 1.93 percent.
More than 1.8 billion issues valued at P8.4 billion changed hands.
Advancers outmatched decliners, 111 to 76, while 59 issues were unchanged.
With a reports from AFP
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