Last-minute buying buoys PSEi
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 22 Feb 2019 16:26:19 +0000
THE stock market recovered from intra-day losses on Friday as investors were said to be heartened by reports of positive developments in US-China trade talks.
The benchmark Philippine Stock Exchange index (PSEi) traded the entire day in the red before last-minute buying pushed it up 0.39 percent or 30.83 points to a 7,962.13 close. The broader All Shares added 0.55 percent or 26.83 points to finish at 4,883.83.
Regina Capital Development Corp. head of sales Luis Limlingan said market players reacted positively to news that Washington and Beijing were beginning to outline a deal that would end a trade war.
Summit Securities Inc. President Harry Liu, meanwhile said the market was in consolidation mode while waiting for catalysts such as fresh corporate earnings results.
The PSEi joined other Asian markets in ignoring overnight losses on Wall Street.
Shanghai jumped by 1.91 percent, Hong Kong was up 0.39 percent and Bangkok also rose by 0.34 percent. Tokyo, however, fell by 0.18 and declines were also recorded in Jakarta and Singapore.
Back in Manila, only the financials and mining and oil sectors finished down, by 0.99 percent and 0.19 percent respectively.
More than 1.28 billion shares valued at P6.26 billion were traded.
Losers led winners, 97 to 89, while 54 issues remained unchanged.
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