PSEi up 2.17% on renewed US-China trade talks

Share prices on the Philippine Stock Exchange rebounded on Wednesday, lifting the PSEi by more than 2 percent, as trade war fears eased amid renewed trade talks between the US and China.

“Philippine markets jumped to a fresh start to greet August, as China and the US restarted negotiations,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The bellwether PSEi gained 166.22 points or 2.17 percent to 7,838.22 at the closing bell. The broader All Shares increased by 75.40 points or 1.64 percent to 4,679.52.

“Also propelling the PSEi was the overnight performance of the other markets,” Limlingan said.

Global markets inched higher on Tuesday, helped by a Bloomberg report that the US and China were seeking to resume trade talks to defuse the battle over import tariffs.

China Bank Securities research director Garie Ouano said some bargain hunting also came in after the decline on Tuesday.

“Also, I think investors are pricing in a better earnings season,” Ouano said.

Foreign funds P3.905 billion worth of shares and sold P3.581 billion for a net buying position of P324.406 million.

Papa Securities equities trader Gino Perez noted there were more foreign inflows that boosted the PSEi.

More than 966.441 million shares valued at P7.179 billion, changed hands. Advancers led decliners, 120 to 74, and 46 issues were unchanged. —VDS, GMA News