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PSEi climbs for 5th consecutive session

Share prices on the Philippine Stock Exchange climbed for the fifth consecutive trading day on Monday, driven by expectations of a trade deal between China and the United States.

The benchmark PSEi gained 5.11 points or 0.06% to close at 8,060.58. Meanwhile, the broader All Shares index dropped 5.27 points or 0.11% to 4,922.54.

"Investors remained buyers in the Philippines as the theme this week becomes a G20 watch," Luis Limlingan, head of sales at Regina Capital Development Corp., said.

Citing reports from Chinese state-run Xinhua news agency, Reuters said Chinese President Xi Jinping is expected to attend the G20 Summit in Japan this week, where he is expected to meet US President Donald Trump.

“The major stock indices jumped to their session highs as investors placed hope in the G20 meeting between the two leaders," said Limlingan.

Foreign funds bought P2.497 billion of shares during the session and sold P2.479 billion for a net buying position of P18.569 million.

More than 3.392 billion shares, valued at P9.046 billion, changed hands. Decliners led advancers, 98 to 88, and 50 issues were unchanged. —VDS, GMA News