PSEi up 1.78% at noon break ahead of Xi Jinping’s state visit

Philippine share prices surged by nearly 1.8 percent during the morning session Monday, buoyed by optimism ahead of the state visit of Chinese President Xi Jinping.

The main PSEi gained 126.13 points or 1.78 percent to 7,209.47 when the market closed for the noon recess. The broader All Shares advanced by 50.03 points or 1.16 percent to 4,360.55.

“You will have the upcoming visit of Chinese President Xi, so the market is expecting a positive development from such visit,” Aniceto Pangan, trader at Diversified Securities Inc., said.

Xi will be in Manila on November 20 and 21, marking his first state visit to the Philippines on invitation by President Rodrigo Duterte.

“During the state visit, the two leaders will exchange views on areas of mutual concern and chart the course for the future of Philippines-China bilateral relations," presidential spokesperson Salvador Panelo said.

The Philippine market was also buoyed by positive sentiment from US markets, Pangan said. —VDS, GMA News