PSEi rides US-UK deal wave

The announcement of a trade deal between the United States and the United Kingdom elated investors on the last trading day of the week. This generated enough frenzy to save the local bourse from sinking deeper.

By the end of the session on Friday, the benchmark Philippine Stock Exchange Index (PSEi) rebounded by 1.08 percent, or 68.71 points, to close at 6,458.2.

The broader All Shares Index likewise added 0.6 percent, or 22.5 points, to 3,762.85.

A total of 738.2 million shares worth P7.95 billion changed hands, stock exchange data showed. Foreigners likewise provided a boost, with inflows totaling P463.78 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said traders were optimistic over “significant progress” on the US-UK trade deal, which Washington confirmed overnight.

This was a turnaround from Thursday’s bloodbath as investors digested below-target economic growth in the first quarter.

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Traders loaded up on shares of the conglomerates, with SM Investments Corp. leading the subsector with a 3.39-percent gain to P884 each.

International Container Terminal Services Inc. was the top-traded stock as it shed 0.1 percent to P385, followed by Ayala Land Inc., down 2.56 percent to P22.85; BDO Unibank Inc., up 1.22 percent to P166.10; Universal Robina Corp., up 7.14 percent to P91.50; and DigiPlus Interactive Corp., up 4.64 percent to P43.95 each.

Others were Bank of the Philippine Islands, up 1.71 percent to P136.80; Bloomberry Resorts Corp., up 0.73 percent to P4.12; Metropolitan Bank and Trust Co., up 1.5 percent to P78; and SM Prime Holdings Inc., up 1.27 percent to P23.85 per share.