PSEi rebounds on US-China trade deal optimism

Share prices on the Philippine Stock Exchange closed in the green on Friday amid hopes on the progress discussions for the US-China trade deal.

The bellwether PSEi gained 10.81 points or 0.14% to 7,801.71 at the closing bell. The broader All Shares increased by 5.33 points or 0.12% to 4,645.96.

"The PSEi may have recovered slightly today as a reflection of investors’ optimism on a trade deal coming to fruition between US and China," Timson Securities equity analyst Darren Pangan said.

"This is after a Bloomberg report renewed investors’ hopes last Wednesday that an agreement between the two countries is proceeding," Pangan said.

Trump had said talks with China were going "very well" during his London visit for the NATO summit while warning earlier that a deal may come only after US elections in November 2020. 

"Also, investors did some last minute buying of blue chip stocks such as SMPH, BDO, and JGS, that ljfted the market today," Pangan said.

More than 468.035 million shares valued at P5.714 billion, change hands. Decliners led advancers, 85 to 81, and 59 issues were unchanged. — RSJ, GMA News