Trade talks, window dressing boost index
MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) finished the week on a strong note, gaining 44.53 points, or 0.56 percent, to end at 7,920.93.
Likewise, the broader All Shares index rose 20.73 points, or 0.42 percent, to finish at 4,864.17.
All sectors were mostly in positive territory as well except for the holding firms.
Total value turnover improved as well with P6.678 billion.
However, market breadth was negative, 112 to 97 even as 35 issues were left unchanged.
“The local bourse climbed by 44.53 points or 0.57 percent to 7,920.93 this Friday backed by investors’ optimism on the ongoing US-China trade talks in Beijing. Week-on-week, however, it declined by 92.49 points or 1.5 percent due to global growth worries. Services were the best performers of the day, adding 1.36 percent. Conglomerates were the only losers, cutting 0.13 percent,” Philstocks Financials said.
It said that neighboring markets have also trading higher amid the US-China trade negotiations.
Moving forward, traders said the stock market will continue to look for catalysts to digest next week after already digesting some 2018 corporate results.
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