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Bourse still above 8,000

June 25, 2019

THE stock market closed slightly stronger on Monday as investors resumed buying ahead of the Group of 20 (G20) meeting later this week.

The bellwether Philippine Stock Exchange index (PSEi) climbed by 0.06 percent or 5.11 points to close at 8,060.58, while the broader All Shares dipped by 0.11 percent or 5.27 points to finish at 4,922.54.

Regina Capital Development Corp. head of sales Luis Limlingan said market players continued to load up on issues on hopes of a fruitful G20 meeting in Osaka, Japan on Thursday and Friday.

US President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet on the sidelines of the event, which will gather the world’s top 20 economies.

The possibility of such a meeting — and of the two leaders moving toward ending their months-long trade war, in which they have imposed tariffs worth billions of dollars on each other’s goods — have buoyed overseas markets lately.

“No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a reenergizing of talks following the breakdown in recent discussions,” said Neil Wilson, chief market analyst at Markets.com.

The local market bucked a US decline, as the Dow Jones and S&P 500 slipped 0.13 percent each, while Nasdaq declined by 0.24 percent.

In the region, Tokyo rose 0.13 percent, Shanghai grew 0.21 percent, Hong Kong inched up 0.08 percent, Seoul added 0.03 percent, and Bangkok climbed 0.04 percent.

Jakarta dropped 0.34 percent and Singapore slipped 0.27 percent.

In Manila, sectoral results were mixed, with the financials, holding firms, and the industrial indexes the only losers, down 0.60 percent, 0.31 percent and 0.07 percent, respectively.

More than 3.39 billion issues valued at P9.05 billion changed hands.

Losers led winners, 98 to 88, while 50 issues were kept unchanged.

WITH A REPORT FROM AFP

Credit belongs to : www.manilatimes.net

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