Share prices closed higher on Tuesday as investors, cued by gains overnight on Wall Street and the relatively peaceful midterm elections in the Philippines, regained buying interest, especially with the added report that the US and China have agreed to a truce over tariff is-sues.
Markets across the globe welcomed the US-China deal as a factor behind the easing of ten-sions between the two largest economies, driving Wall Street up overnight, from which the Philippine market also took its cue.
“This came as the US and China agreed to temporarily cut tariffs while continuing trade ne-gotiations, raising hopes of a trade deal between the two economic superpowers which would benefit the global economy,” stock brokerage Philstocks Financial Inc. said.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the sen-timent “was further supported by the peaceful conduct of Monday’s midterm elections” in the Philippines.
The PSEi gained 1.68 percent or 108.62 points to 6,566.82.
The broader All Shares rose 1.13 percent or 42.48 points to 3,805.33.
Gainers outnumbered losers 96 to 83, with 58 stocks unchanged. Trading turnover reached P8.88 billion.
Most actively traded Ayala Land Inc. shed P0.35 to P22.50. International Container Termi-nal Services Inc. gained P22 to P407. BDO Unibank Inc. closed up P1.90 at P168. SM In-vestments Corp. advanced P16 to P900. Bank of the Philippine Islands climbed P4.20 to P141. Universal Robina Corp. rose P1.50 to P93. Metropolitan Bank and Trust Co. ad-vanced P2.50 to P80.50. Jollibee Foods Corp. dropped P2 to P233. SM Prime Holdings Inc. firmed P0.35 to P24.20. Ayala Corp. rose P20 to P608. –with a report from Reuters
