PSEi gains ahead of US-China trade talks
MANILA, Philippines — The local bourse extended its gains on Wednesday as news of upcoming trade talks between the United States and China boosted sentiment.
Within the day, the benchmark Philippine Stock Exchange Index (PSEi) climbed over the 6,500 barrier before settling at 6,465.45, up by 0.73 percent, or 46.76 points.
The broader All Shares Index likewise added 0.59 percent, or 22.26 points, to close at 3,768.38.
A total of 958 million shares worth P8.3 billion changed hands, stock exchange data showed.
Foreign investors also helped lift the bourse, with net inflows totaling P671.55 million.
The index’s rise came as the White House confirmed that US Treasury Secretary Scott Bessent would meet with Chinese Vice Premier He Lifeng in Switzerland later this week to start trade negotiations.
Apart from this, optimism about cooler April inflation spilled over, said Japhet Tantiangco, research head at Philstocks Financial Inc.
Property firms were the only losers as Ayala Land Inc. (ALI) declined by 1.23 percent to P24, and SM Prime Holdings Inc. shed 0.21 percent to P24.15.
International Container Terminal Services Inc. was the top-traded stock after gaining 2.13 percent to P383 each, followed by: BDO Unibank Inc., up 4.89 percent to P165.20; ALI; Bank of the Philippine Islands, down 1.43 percent to P138; and Bloomberry Resorts Corp., down 4.53 percent to P4 per share.
Others were DigiPlus Interactive Corp., up 0.6 percent to P41.95; Universal Robina Corp., up 0.81 percent to P86.90; SM Prime; SM Investments Corp., down 0.45 percent to P876; and Globe Telecom Inc., up 1.35 percent to P2,022 each.
Advancers edged out losers, 113 to 72, while 48 companies closed flat.
