PSEi up as China, US trade talks turn optimistic

The stock barometer firmed up for the second straight session on Wednesday as local investors picked up stocks dumped by foreigners.

The main-share Philippine Stock Exchange index (PSEi) added 37.16 points, or 0.5 percent to close at 7,488.24, tracking mostly upbeat regional markets as optimism on US-China trade improved.

“Asian equities markets rallied today as US President Trump made positive comments on reaching a trade deal with China,” Eagle Equities head of research Christopher Mangun said in a research note.

“The PSEi sustained its positive momentum from [Tuesday] and if it can keep on its path, it may end above 7,500 for the week,” he added.

The PSEi was lifted by the holding firm counter, which rose by 1.78 percent.

The industrial and mining/oil counters also rose. The financial, services and property counters declined.

Total value turnover for the day amounted to P11.9 billion, including a P3.47-billion block trade on San Miguel Food and Beverage.

There was net foreign selling worth P984.7 million but domestic investors made up for foreigners’ risk aversion.

There were 98 advancers that edged out 85 decliners, while 44 stocks were unchanged.

The country’s largest conglomerate SM Investments led the PSEi higher, rising by 2.66 percent. GT Capital Holdings added 1.62 percent.

SM Prime, ICTSI, Metrobank, BPI, AGI and Puregold all gained.

Outside the PSEi, notable gainers included First Gen and IRC, which respectively rose by 3.76 percent and 2.06 percent.

BDO and Globe Telecom fell by over 2 percent while Jollibee and Ayala Corp. lost over 1 percent.

Ayala Land, URC and SMC also slipped.

One notable decliner outside the PSEi was Davao-based businessman Dennis Uy’s ISM, which slid by 8.04 percent.