MANILA – Both the Philippine Stock Exchange index (PSEi) and the peso ended higher Wednesday following news of a possible face-to-face meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 Summit, which may go a long way towards resolving simmering trade issues between the two giant economies.
The PSEi rose 1.20 percent, or 94.97 points, to 8,017.01 points, which Regina Capital managing director Luis Limlingan said happened “as investors increased bets on a trade deal” after Trump announced on Twitter that he will meet with Jinping during the G20 meeting in Japan next week.
“Hopes of easier monetary policy also lifted sentiments,” he said.
With these news, all the other counters tracked the PSEi, with the All Shares rising by 0.77 percent, or 37.07 points, to 4,882.57 points.
Holding Firms posted the highest jump among the counters after an increase of 1.40 percent.
It was followed by Property at 1.38 percent as well as Services, 1.19 percent; Financials, 1.002 percent; Mining and Oil, 0.53 percent; and Industrial, 0.25 percent.
Volume reached 1.33 billion shares amounting to PHP7.3 billion.
Advancers led decliners at 106 to 81 while 53 shares were unchanged.
The local currency also finished the day at 51.89 from the previous day’s 51.99.
It opened the day at 51.85 from 52.2 a day ago, and traded between 51.945 and 51.83, resulting in an average of 51.886.
Volume reached USD902.45 million, higher than the USD763.9 million. (PNA)
