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PSEi hits 7,900 on possible Brexit breakthrough

October 17, 2019

THE stock market reached the 7,900 level once more on Wednesday on news of a possible breakthrough in the United Kingdom’s process to leave the European Union (EU).

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.96 percent or 74.99 points to end at 7,915.30, while the wider All Shares climbed by 0.49 percent or 23.37 points to finish at 4,763.69.

“Philippine shares closed higher as investors across the region [were upbeat over the] possibility of a breakthrough in Brexit negotiations,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The optimism came after negotiators were bullish that they could strike an agreement that would avoid Britain crashing out of the EU at the end of the month.

EU negotiator Michel Barnier said a text must be on the table by early Wednesday if it is to be put before leaders at the two-day EU summit starting on Thursday.

But officials said talks could always resume next week, and a special summit be called just in time for British Prime Minister Boris Johnson to fulfill his pledge to lead his country out of the bloc on October 31.

This, as investors digest the implications of a partial US-China trade deal announced last Friday.

“We may see some excitement from investors as the release of [third-quarter] earnings reports has just begun. Nothing happens until we see it break and hold above 8,000,” AAA Equities head of research Christopher Mangun said.

On Wall Street, the Dow Jones, S&P 500 and Nasdaq climbed by 0.89 percent, 1 percent and 1.24 percent, respectively.

Markets were mostly up in Asia. Tokyo surged by 1.20 percent, Hong Kong inched up by 0.46 percent, Seoul jumped by 0.71 percent, Jakarta increased by 0.01 percent, Singapore rose by 0.78 percent, Thailand added 0.52 percent and Vietnam gained 0.08 percent. Shanghai, in contrast, fell by 0.41 percent.

In Manila, all sectors ended in the green, with property taking the lead at 1.51 percent.

Volume turnover stood at 715.39 million, valued at P5.55 billion.

Decliners outmatched advancers, 93-87, while 62 issues were unchanged. WITH A REPORT FROM AFP

Credit belongs to : www.manilatimes.net

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