PSEi nears 8,100 on US-China trade news
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 02 Jul 2019 16:26:57 +0000
THE stock market again approached the 8,100 level on Tuesday as investors welcomed developments on trade negotiations between the United States and China.
The benchmark Philippine Stock Exchange index (PSEi) was six points shy of the 8,100 territory, rising by 0.62 percent or 49.89 points to finish at 8,093.60. The wider All Shares, meanwhile, climbed by 0.53 percent or 26.06 points to close at 4,941.71.
Regina Capital Development Corp. head of sales Luis Limlingan said investors cheered news that Washington and Beijing were holding off the levying of duties on each other’s goods while trade talks between them resume.
Philstocks Financial Inc. echoed the view, adding that expectations of better economic data boosted trading.
Inflation for June is expected to ease, with the Bangko Sentral ng Pilipinas seeing it settling between 2.2 percent and 3 percent on the back of lower petroleum, rice and electricity prices.
The Philippine Statistics Authority will announce official inflation figures for the month on Friday, July 5.
The local market traded in line with its global counter parts. On Wall Street, the Dow Jones grew by 0.44 percent, the S&P 500 rose by 0.77 percent, and the Nasdaq increased by 1.06 percent.
In the region, Hong Kong emerged as the biggest gainer, rising 1.2 percent, despite seeing historic violence the night before in which protesters stormed the city’s legislature before being dispersed by police.
Tokyo and Sydney each ended 0.1 percent higher and Wellington was up 0.6 percent. But Shanghai was marginally lower, with Singapore off 0.1 percent, Seoul shedding 0.4 percent and Taipei down 0.3 percent. Jakarta and Bangkok also slipped.
Back in Manila, only the property sector finished lower, down 0.07 percent.
More than 981 million issues were traded valued at P5.9 billion.
Winners led losers, 118 to 77, while 51 issues remained unchanged.
WITH A REPORT FROM AFP
The post PSEi nears 8,100 on US-China trade news appeared first on The Manila Times Online.