Renewed optimism pulls PSEi up for 4th straight day

The benchmark Philippine Stock Exchange index (PSEi) went up for the fourth straight day yesterday on the back of renewed optimism in the stock market, analysts said.

The PSEi finished at 7,960.12, up 26.65 points or 0.33 percent, while the broader All Shares index rose 14.29 points or 0.29 percent to end at 4,799.31.

Most sectoral gauges were up led by financials and property sectors.

Total value turnover reached P7.670 billion. Despite the market’s positive finish, market breadth was negative, 103 to 91 while 51 issues were left unchanged.

Traders said investors are optimistic now with the improving US-China trade relations, but still cautious given a number of failed talks before.

“Philippine shares were little changed to start the week on optimism around US-China trade relations. Fed chairman Jerome Powell also said the central bank will act as needed to sustain the current economic expansion, noting he does not expect the US economy to fall into a recession,” one trader said.

The trader also said that China’s exports unexpectedly contracted in August, with sales to the US tumbling 16 percent as the two nations escalated the trade war.