PSEi gains on hopes of easing trade war
Philippine Stock Exchange logo. INQUIRER FILES
A reversal of US President Donald Trump’s view on America’s trade war with China gave room for the local bourse to post gains on Wednesday, with the benchmark index inching closer to the 6,200 level.
The Philippine Stock Exchange Index (PSEi) climbed by 0.37 percent, or 22.89 points, to close at 6,168.48.
Likewise, the broader All Shares Index rose by 0.18 percent, or 6.64 points, to 3,658.78.
READ: Asian shares jump on hopes tariff war may subside and Trump won’t fire Fed chief
A total of 650 million shares worth P8.17 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said this came amid the supposed reversal of Washington’s trade war with Beijing. China has been slapped with the highest duty during the “Liberation Day” tariff announcement earlier this month.
Calming words
Reports from American news outlets cited US Treasury Secretary Scott Bessent as saying that Trump had called the trade war with China “unsustainable,” and that the tariff on Chinese goods could “come down substantially.”
Services firms posted the largest gain due to the 4.13-percent climb of index heavyweight. Top-traded stock International Container Terminal Services Inc. (ICTSI), which closed at P353 apiece.
ICTSI was followed by BDO Unibank Inc., down 1.23 percent to P161; Ayala Land Inc., up 0.82 percent to P24.60; Bank of the Philippine Islands, down 0.74 percent to P134; and DigiPlus Interactive Corp., up 5.69 percent to P38.05 per share.
Others were SM Prime Holdings Inc., up 1.59 percent to P22.35; Jollibee Foods Corp., down 2.74 percent to P220.20; Converge ICT Solutions Inc., up 2.21 percent to P19.42; ACEN Corp. down 7.86 percent to P2.58; and SM Investments Corp., down 0.55 percent to P815 each.
Losers outnumbered gainers, 97 to 92, while 56 companies closed flat, stock exchange data also showed. —MEG J. ADONIS
