Local markets rise on renewed US-China talks

MANILA -- Optimism generated by renewed trade discussions between US and China lifted both the Philippine Stock Exchange index (PSEi) and the peso on Monday.

The main equities gauge rose to 8,043.71 points, up 0.55 percent or 44.00 points.

BPI Research said the meeting of US President Donald Trump and China President Xi Jinping at the G20 meeting in Japan over the weekend boosted investors’ confidence and allowed the PSEi to rise along with its counterparts in the region.

All Shares ticked up by 0.45 percent, or 21.87 points, to 4,915.65 points.

Most of the counters tracked the PSEi led by the Property, which rose 1.68 percent.

It was followed by Mining and Oil at 0.86 percent, Holding Firms, 0.44 percent; Industrial, 0.37 percent; and Financials, 0.04 percent.

Only the Services index ended the day on the red after it fell 0.68 percent.

Volume reached 1.24 billion shares amounting to PHP5.3 billion.

Losers barely surpass gainers at 99 to 98 while 57 shares were unchanged.

Also, the local currency finished the week’s first trading day at 51.05, a jump from last Friday’s 51.24 finish.

BPI Research attributed this to reports on the USChina trade talks.

The local unit opened the day at 51.23, little changed

from its 51.2 salvo in the previous session.

It traded between 51.285 and 51.045, resulting to an average of 51.164.

Volume amounted to USD870.2 million, higher than the USD726.79 million Friday last week.

The currency pair is seen to trade between 51.00 and 51.30 on Tuesday.