Markets up as US, China work out trade issues
The benchmark Philippine Stock Exchange index (PSEi) mirrored positive sentiments in the region as it bounced back close to the key 8,000 level on hopes that a deal will be reached in the United States-China trade dispute.
The PSEi on Thursday rose 0.9 percent, or 71.01 points, to 7,991.25 while the broader all-shares index was up 0.82 percent, or 39.65 points, to 4,851.64.
“Philippine shares finally charged ahead after successive profit-taking sessions with major indices nearing overbought, more hope on a trade deal being reached between US and China and the US Core CPI [consumer price index] being firmer,” said Luis Gerardo Limlingan of Regina Capital Development.
The United States and China are working to beat a March 1, 2019, deadline to reach an agreement. However, US President Donald Trump said he was open to moving the deadline if both sides were close to a deal.
Positive sentiments carried over into subsectors, with financials gaining 1.74 percent; followed by property, up 1.67 percent; and industrials, up 0.97 percent. Only mining and oil closed in the negative territory with a 0.63-percent drop.
Some 3.8 billion shares valued at P5.11 billion changed hands yesterday. There were 115 gainers against 92 decliners, while 39 companies closed unchanged.
BDO Unibank Inc. was the most actively traded on Thursday as it gained 2.25 percent to P140.60 per share.
It was followed by International Container Terminal Services Inc., up 0.78 percent to P115.90; Ayala Land Inc., up 1.35 percent to P45; Jollibee Foods Corp., up 1.65 percent to P321.20; and Bloomberry Resorts, up 3.25 percent to P12.08 per share.
