PSEi up on US-China trade talks progress

The local stock barometer firmed up on Friday as optimism over US-China trade talks perked up most regional markets.

The Philippine Stock Exchange index (PSEi) added 44.53 points, or 0.56 percent, to close at 7,920.93, fueled by selective buying of large-cap stocks.

For the week, the PSEi shed a total of 92.49 points, or 1.15 percent.

It was reported that China was offering foreign technology firms better access to its market, a potential compromise in view of the United States’ desire to open to the tech sector as part of a trade deal.

At the local market, the PSEi was shored up by the services and property counters, which both gained more than 1 percent.

The financial, industrial and mining/oil counters all gained.

Value turnover for the day amounted to P6.68 billion.

Despite the PSEi’s gain, market breadth was negative. There were 112 decliners that edged out 97 advancers, while 35 stocks were unchanged.

The PSEi was led higher by ICTSI, Ayala Land and JG Summit, which all rose by more than 2 percent.

Megaworld and Metro Pacific both added over 1 percent, while SM Prime, URC, BDO, Ayala Corp., PLDT, Jollibee, Meralco and DMCI all firmed up.

Outside of the PSEi, notable gainers included MacroAsia and Max’s Group, which rose by 5.16 percent and 4.7 percent, respectively.

On the other hand, GT Capital tumbled by 4.95 percent while SM Investments lost 1.16 percent.

Metrobank and AGI also slipped.