Index manages to rise despite fears of global slowdown

MANILA, Philippines — Traders said market investors managed to stay positive despite fears of a global economic slowdown.

Reports that the US-China trade dispute may soon be over have boosted sentiment.

The benchmark Philippine Stock Exchange index rose by 30.83 points, or 0.38 percent, to finish at 7,962.13

Likewise, the broader All Shares gauge rose 26.83 points or 0.55 percent to settle at 4,883.83.

Despite some market optimism, however, the financials and mining and oil indices finished in negative zone.

Total value turnover, meanwhile, reached P8.014 billion.

But even with the index managing to end in the green, market breadth was negative 97 to 89 while 54 issues were unchanged.

“Stocks in the Philippines managed to climb higher despite fresh economic data out of Europe and Japan suggesting further slowing in global growth. The fears about a worldwide slowdown were somewhat muted by reports that US and Chinese negotiators were beginning to outline a deal to end a long-running trade spat,” said Luis Limlingan, managing director at Regina Capital.

In the latest sign that the spat between US and China may finally be resolved, China proposed buying an additional $30 billion a year of US agricultural products including soybeans, corn and wheat as part of a trade deal, Limlingan said in his comments.