MANILA -- Investors’ sentiment rose Friday on the back of the ongoing US-China trade meeting, lifting both the Philippine Stock Exchange index (PSEi) and the peso.
The main equities gauge gained 1.09 percent, or 84.91 points, to 7,849.94 points.
“Local stocks tracked the global upbeat trading, with the PSEi closing 1.1 percent higher as investors cheered both the U.S. and China's efforts to avoid further escalation in a trade war,” BPI Research said.
Investors are hopeful for a good outturn of the meeting to address the current volatility in the markets as a result of the trade issues between two of the world’s largest economies.
The rise of the main index was mirrored by all counters, with the All Shares up by 1.06 percent, or 49.59 points, to 4,741.49 points.
Property increased by 1.38 percent; Holding Firms, 1.24 percent; Services, 0.94 percent; Industrial, 0.86 percent; Mining and Oil, 0.75 percent; and Financials, 0.50 percent.
Volume reached 428.87 million shares amounting to PHP4.5 billion.
The local currency ended the week at 51.58 from 51.64 close Thursday.
It opened at 51.55 and traded between 51.475 and 51.55. Average level for the day stood at 51.537.
Volume reached USD981.25 million, lower than the USD1.158 billion. The currency pair is seen to trade between 51.45 and 51.70 on Monday. (PNA)
