US-China trade framework raises PSEi close to 6,400
Investors on Wednesday cheered the trade framework agreement between the United States and China, with optimism spilling to the local bourse.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.53 percent, or 33.65 points, to close at 6,381.31.
Likewise, the broader All Shares Index climbed by 0.47 percent, or 17.69 points, to 3,776.19.
A total of 897.4 million shares worth P7.14 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the index’s rebound was due to the consensus that Washington and Beijing reached during their tariff negotiation in London.
Reuters reported that US and China officials had agreed on a trade framework while also removing the latter’s export restrictions on rare earth minerals.
Optimism over its new MegaFUNalo online gaming platform allowed top-traded stock Bloomberry Resorts Corp. to gain by 1.05 percent to P5.75 each.
It was followed by competitor DigiPlus Interactive Corp., which rallied by 6.38 percent to P65 each.
BDO Unibank Inc. was up 0.19 percent to P156.50, while Bank of the Philippine Islands rose by 0.44 percent to P138.50 per share.
Others were International Container Terminal Services Inc., up 0.24 percent to P415; SM Investments Corp., up 0.57 percent to P880; First Philippine Holdings Inc., up 16.03 percent to P76; Jollibee Foods Corp., up 3.45 percent to P233.80; SM Prime Holdings Inc., up 1.11 percent to P22.75; and Metropolitan Bank and Trust Co., down 0.55 percent to P72.60 each.
Gainers outnumbered losers, 104 to 91, while 44 companies closed unchanged, stock exchange data also showed.
