Stocks finish higher on optimism over US-China trade talks

MANILA, Philippines — The Philippine stock market continued to perform well, ending the week on a high note.

The benchmark Philippine Stock Exchange index (PSEi) surged by 84.91 points, or 1.09 percent, to settle at 7,849.94, while the broader All Shares gauge finished at 4,741.49, up 49.59 points or 1.05 percent.

All sectoral indexes sizzled as well with the property and holding firms leading the gainers.

Total value turnover, on the other hand, was thin at P4.503 billion. Market breadth was positive, 121 to 58 while 48 issues were left unchanged.

Traders attributed the vibrant performance of the stock market to investor optimism on the US-China trade talks.

“Optimism on the US-China trade talks amid President Trump’s positive remarks and his upcoming meeting with Vice Premier Liu He fuelled the rally for the local bourse and its regional peers,” Philstocks Financials said.

Asian stocks such as the Nikkei and the Shanghai Composite Index were also up because of optimism on the US-China trade talks.

It is expected that if no progress is made in bilateral trade negotiations this week, the US may proceed with tariffs on Chinese imports and these are expected to increase on Oct. 15.

Meanwhile, world shares   basked in optimism for a detente in the US-China trade war and hopes that Britain was moving closer to a smooth exit from the European Union.