PSEi snaps 3-day losing streak
Credit to Author: Tyrone Jasper C. Piad| Date: Fri, 06 Dec 2019 16:17:42 +0000
The local bourse ended its three-day losing streak on Friday on positive developments on the ongoing trade spat between the United States and China.
The benchmark Philippine Stock Exchange index (PSEi) climbed by 0.14 percent or 10.81 points to finish at 7,801.72 while the wider All Shares gained 0.12 percent or 5.33 points to end at 4,645.96.
“This is partly brought by the performance abroad given the positive comments on the US-China trade deal results, as major Asian markets are also up,” Philstocks Financial Inc. research associate Piper Chaucer Tan said.
Talks appear back on track after reports US officials were hopeful an agreement would be signed, while the US President Donald Trump said on Thursday things were “moving along well.”
Trump earlier caused upheaval by saying he would be happy if a pact was not signed until after next November’s elections.
Brokerage firm 2TradeAsia, meanwhile, noted the PSEi rebounded “to close higher with P719-million net foreign selling.”
Dow Jones, S&P 500 and Nasdaq were up 0.10 percent, 0.15 percent, and 0.05 percent, respectively.
In Asia, Tokyo inched up 0.23 percent, Shanghai added 0.43 percent, Hong Kong surged 1 percent, Seoul rose 1.02 percent, Jakarta gained 0.31 percent, Singapore increased 0.28 percent, Thailand climbed 0.21 percent, and Vietnam jumped 0.06 percent.
In Manila, all sectors were down, except for holding firms and property that rose by 0.46 percent and 0.78 percent, respectively.
Volume turnover stood at 447.76 million amounting to P5.32 billion.
Decliners led advancers, 85-81, while 59 issues were unchanged.
WITH A REPORT FROM AFP