PSEi rallies on trade talk news
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 29 Mar 2019 16:15:42 +0000
THE stock market climbed back to the 7,900 level on Friday, joining a regional rally as investors cheered reported progress in US-China trade talks.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.56 percent or 44.53 points to close at 7,920.93 while the broader All Shares grew 0.43 percent or 20.73 points to end at 4,864.17.
Philstocks Financial Inc. research associate Japhet Louis Tantiangco said market players loaded on equities following news of “constructive” negotiations in Beijing.
US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer met with their Chinese counterparts on Friday and talks will continue next week in Washington.
Regina Capital Development Corp. head of sales Luis Limlingan echoed Tantiangco’s view and added that investors also bought on first-quarter window dressing.
Elsewhere in the region, Shanghai surged 3.2 percent and Tokyo ended 0.8 percent higher, while Hong Kong added one percent.
Seoul and Singapore each rose 0.6 percent, Sydney put on 0.1 percent and Wellington gained 0.8 percent. Taipei and Mumbai were also sharply higher.
“Sentiment was largely positive after reports that the trade negotiations between the US and China were improving,” said David Madden, a market analyst at CMC Markets UK.
“Risk assets are being supported right now, in my view, by a dovish Fed, a China stabilization and better sentiment around geopolitical risks,” Frances Donald at Manulife Asset Management told Bloomberg News.
“That probably gives this rally a little bit more juice.”
Back in Manila, sectoral results were up except for holding firms, which slid by 0.13 percent.
Volume turnover stood at 1.7 billion shares valued at P6.68 billion.
Losers led winners, 112 to 97, while 35 issues were unchanged.
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