Optimistic US-China trade news lifts PSEi
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 12 Dec 2018 16:28:46 +0000
THE stock market rose for a second straight day on Wednesday as investors took their cues from positive developments in the US-China trade war.
The Philippine Stock Exchange index (PSEI) gained 0.50 percent or 37.16 points to close at 7,488.24 while the broader All Shares grew by 0.35 percent or 15.82 points to finish at 4,494.55.
Diversified Securities Inc. trader Aniceto Pangan said optimism was boosted after President Donald Trump tweeted: “Very productive conversations going on with China!”
Trump also said in an interview that he could intervene in the case of a Huawai executive’s arrest in Canada if it would help seal a deal with China.
Beijing, meanwhile, said it was looking to cut tariffs on US auto imports to 15 percent from 40 percent.
Pangan said there was also “continued bargain-hunting after a series of corrections that happened.”
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said the PSEi had tracked regional gains.
Tokyo ended 2.2 percent higher and Shanghai finished up 0.3 percent, while Hong Kong jumped 1.6 percent.
Sydney and Seoul each jumped 1.4 percent, while Taipei climbed 1.1 percent, Wellington put on 0.8 percent and Mumbai gained one percent.
In early trade London’s FTSE rose 0.3 percent, Paris gained 0.6 percent and Frankfurt was up 0.5 percent.
In Manila, sectoral results were mixed with financials and services the only losers, down 0.57 percent and 0.26 percent, respectively.
Volume turnover stood at 990 million issues traded valued at P11.9 billion.
Winners led losers, 98 to 85, while 44 issues were unchanged.
With a reports from AFP
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