Investors buy cheap, hope for eased trade

Investors raced to buy some recently battered blue chips on Tuesday amid possibly easing trade tensions between Washington and Beijing.

The benchmark Philippine Stock Exchange Index (PSEi) briefly broke through the 6,100 barrier during the session before settling at 6,076.22 by the closing bell. The benchmark went up by 0.39 percent.

Likewise, the broader All Shares Index added 0.36 percent or 13.04 points to end at 3,668.63.

A total of 3.17 billion shares worth P6.17 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the bourse’s gain came after the United States confirmed President Donald Trump’s upcoming meeting with Chinese President Xi Jinping in South Korea later this month. This could open up more discussions about easing tariff tensions, US media reported.

International Container Terminal Services Inc. was the top-traded stock as it shed 1.47 percent to P537 per share. It was followed by BDO Unibank Inc., up 1.78 percent to P137.40; Apex Mining Co. Inc., which surged by 5.15 percent to P11.02; Manila Electric Co., up 1.56 percent to P555; and Ayala Land Inc., up 0.43 percent to P23.25 each.

See Also

Powering progress: AboitizPower’s ESG win

Others were Philex Mining Corp., up 1.92 percent to P10.60; Ayala Corp., down 0.13 percent to P471.40; Bank of the Philippine Islands, down 0.19 percent to P106.80; Manila Water Co. Inc., up 3.27 percent to P37.90; and SM Prime Holdings Inc., up 1.77 percent to P23.

Gainers outnumbered losers, 102 to 87, while 62 companies closed flat, stock exchange data also showed.