Local Markets Rise on Us-China Trade Talks’ Positive Direction

Optimism over the path being taken by US-China trade negotiations boosted the peso, which finished strong at the 51-level to a greenback, as well as the Philippine Stock Exchange index (PSEi) Tuesday.

The local unit finished the day at 52.025 from 52.065 Friday last week.

There was no trading Monday, a holiday to commemorate the EDSA People Power revolution.

A trader said investors remain all eyes on the trade talks between the world’s largest economies.

For the day, the peso opened better at 51.955 from 52.24 in the previous session.

It traded between 52.1 and 51.95 resulting to an average of 52.031.

Volume of trade totaled USD909.11 million from USD961.87 million at the end of last week.

Relatively, the main stocks gauge ended the week’s first trading session up by 0.33 percent, or 26.03 points to 7,988.16 points.

All Shares rose 0.25 percent, or 12.28 points, to 4,896.11 points.

Mining and Oil led the sectors with a jump of 0.82 percent and was followed by Holding Firms, 0.60 percent; Property, 0.59 percent; Industrial, 0.38 percent; and Services, 0.37 percent.

Only the Financials index ended the day on the red after it declined by 0.43 percent.

Volume reached 1.15 billion shares amounting to PHP10.93 billion.

Losers led gainers at 104 to 91 while 51 shares were unchanged. (PNA)