Duterte sashays in Japan; PH market on a roll

President Rodrigo Roa Duterte delivers his speech during the business forum at the Imperial Hotel in Tokyo, Japan on May 29, 2019. TOTO LOZANO/PRESIDENTIAL PHOTO

The benchmark Philippine Stock Exchange Index (PSEi) rose on Wednesday as investors brushed aside broader implications of a prolonged trade war between the United States and China and instead focused on President Duterte’s working visit to Japan.

By the closing bell, the PSEi rose 0.47 percent, or 36.46 points, to 7,797.75, bucking weak sentiments across the region. The broader all-shares index was also up 0.31 percent, or 14.74 points, to 4,804.79.

Mr. Duterte’s Japan trip was expected to yield close to P300 billion worth of investment deals and agreements, which could generate about 80,000 jobs, Trade Secretary Ramon Lopez said.

On Wednesday, the industrial and holding firms subsectors rose 1.29 percent and 1.06 percent, respectively. Property firms also gained. Mining and oil, services and financials ended in the red.

Volume was also relatively thin, with 650 million shares valued at P6.1 billion changing hands. Gainers and decliners were evenly matched at 92 while 52 companies closed unchanged.

SM Investments Corp., the property, banking and retail conglomerate of the Sy family, rose 1.08 percent to P935.50 per share.

It was followed by Bank of the Philippine Islands, down 3.13 percent to P77.30; Ayala Land Inc., down 0.31 percent to P48.50; SM Prime Holdings, down 0.13 percent to P39.20; and BDO Unibank Inc., up 1.14 percent to P133.50 per share.

Other actively traded stocks were Ayala Corp., up 0.73 percent to P899; International Container Terminal Services, down 2.4 percent to P134; Jollibee Foods Corp., up 1.11 percent to P273; Universal Robina Corp., up 2.58 percent to P159; and LT Group Inc., down 2 percent to P14.72 per share.