October 12, 2019
INVESTORS, hoping the United States and China will ease tensions, kept the stock market afloat for the second consecutive trading day on Friday.
The benchmark Philippine Stock Exchange index (PSEi) surged by 1.09 percent or 84.91 points to end at 7,849.94, while the wider All Shares climbed by 1.06 percent or 49.59 points to finish at 4,741.49.
“Optimism on the US-China talks amid [US] President [Donald] Trump’s positive remarks and his upcoming meeting with [China] Vice Premier Liu He fueled the rally for the local bourse and its regional peers,” Philstocks Financial Inc. said in a market comment.
After a nervous week on trading floors, negotiators from the world’s top two economies kicked off long-awaited talks on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short.
Without elaborating, Trump told reporters: “I will say I think it’s going really well. We had a very, very good negotiation with China.”
Adding to the positive vibes was news that Trump would meet China’s top trade envoy Liu He at the White House.
The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the US put new restrictions on Chinese firms over human rights abuses and reports China had narrowed the issues it was willing to discuss.
“Moves next week would likely be swayed by any developments in Trump and the Chinese Vice Premier’s meeting soon,” Papa Securities sales associate Gabriel Jose Perez said.
“Resistance is only a few points away at the 7,900-8,000 mark,” he added.
On Wall Street, the Dow Jones, S&P 500 and Nasdaq increased by 0.57 percent, 0.64 percent and 0.60 percent, respectively.
In Asia, Tokyo surged 1.15 percent, Shanghai was up 0.88 percent, Hong Kong climbed 2.28 percent, Seoul jumped 0.81 percent, Jakarta added 1.14 percent, Singapore gained 0.66 percent, Thailand rose 0.77 percent and Vietnam inched up 0.25 percent.
In Manila, all sectors were up, with property leading at 1.38 percent.
Volume turnover stood at 428.87 million amounting to P4.5 billion.
Advancers led decliners, 121-58, while 48 issues unchanged.
WITH A REPORT FROM AFP
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