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PSE index jumps 1% on car tax suspension

May 21, 2019

THE stock market rose for the second consecutive day on Monday, bucking what was mostly a regional decline, as investors took heart from the United States’ suspension of levying duties on imported cars.

The bellwether Philippine Stock Exchange index (PSEi) rose by 1.006 percent or 76.32 points to close at 7,660.14. The wider All Shares, meanwhile, grew by 0.72 percent or 34.13 points to end at 4,747.40.

Regina Capital Development Corp. head of sales Luis Limlingan said market players cheered US President Donald Trump’s announcement to delay for six months the slapping of tariffs on imported cars that may hit Japan and Europe, as well as the lifting of tariffs on metal imports, and instead pursued trade negotiations with Beijing.

AAA Southeast Equities Inc. President Matthew Cabangon, for his part, said local investors propelled the market during the day, noting that foreign investors remained net sellers.

“Local investors were bullish that the lowering of the RRR (reserve requirement ratio) by the BSP (Bangko Sentral ng Pilipinas), along with a potential boost in the second quarter, driven by election spending, would support our market moving forward. This would explain our market’s outperformance among Asian peers, despite the lingering trade war concern,” he said.

“It is possible that we have found a bottom for the market in the near term,” he added.

Most regional counterparts finished in the red, as Shanghai was down 0.41 percent, Hong Kong declined 0.57 percent, Singapore fell 0.77 percent, Bangkok decreased 0.41 percent, and Seoul finished unchanged.

In contrast, Jakarta increased 1.43 percent, while Tokyo grew 0.24 percent.

In Manila, only the mining and oil finished lower, down 0.33 percent.

More than 1.01 billion issues were traded valued at P4.88 billion.

Winners led losers, 100 to 84, while 43 issues were unchanged.

Credit belongs to : www.manilatimes.net

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