PSEi grows on renewed US-China trade talk hopes
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 14 Feb 2019 16:23:53 +0000
THE stock market recovered on Thursday as investors belatedly welcomed renewed hopes over the outcome of high-level US-China trade talks.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.90 percent or 71.01 points to close at 7,991.25. The wider All Shares grew 0.82 percent or 39.65 points to finish at 4,851.64.
Regina Capital Development Corp. head of sales Luis Limlingan said market players reacted positively to reports that US President Donald Trump was considering a 60-day extension beyond a March 1 deadline to reach a deal.
Wall Street gained overnight on the optimism but with a wide gulf still remaining between the two sides, stock markets elsewhere in Asia responded with caution.
Tokyo dipped 0.02 percent, Shanghai dropped 0.05 percent and Hong Kong declined 0.33 percent, Jakarta, Singapore and Bangkok also slipped, by 0.06 percent, 0.02 percent and 0.11 percent, respectively. Only Seoul increased 1.11 percent.
In Europe, London opened 0.4 percent higher, while Frankfurt won 0.8 percent and Paris advanced 0.9 percent.
In a separate comment, P2P Trade Online sales associate Gabriel Jose Perez said net foreign buying may have helped lift the index.
Foreign funds bought P2.557 billion issues and sold P2.3 billion for a net foreign buying position of P252 million.
In Manila, most sectoral results finished in the green except for mining and oil, which fell 0.63 percent.
Volume turnover stood at 3.79 billion shares valued at P5.1 billion.
Winners led losers, 115 to 92, while 39 issues were unchanged.
WITH A REPORT FROM AFP
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