Share prices closed higher on Wednesday as local and foreign investors cheered a breakthrough in the US-China trade talks on the second day.
“The local market inched upwards, buoyed by a spillover of positive sentiment from the US and Asian peers due to recent progress in the US-China trade talks,” Peter Louise Garnace, equity research analyst at Unicapital Securities Inc., said.
The PSEi gained 0.53 percent or 33.65 points to close at 6,318.32.
The broader All Shares gained 0.47 percent or 17.69 points to 3,776.19.
Gainers edged out losers 104 to 91, with 44 stocks unchanged. Trade reached P7.14 billion, with 66,996 actual trades made, covering 897.36 million shares.
Foreign funds were net sellers of P30.21 million-worth of shares, with buying at P3.87 billion and selling at P3.9 billion.
Luis Limlingan, managing director at Regina Capital and Development Corp., said optimism rose after the US-China trade talks in London yielded a framework on trade following the second day of negotiations.
“Investors are watching for a deal that avoids steep tariffs following last month’s temporary duty cuts,” Limlingan said.
The specific details of the framework, however, remain sparse and will be presented to the leaders of both countries for approval.
Most of the emerging Asian stock markets rose on Wednesday, according to Reuters.
MSCI’s index of Asian emerging market equities rose as much as 0.9 percent to a more than three-year high. It was up for a seventh consecutive session, the longest of such streak since September 2024.
The local bourse will be closed on Thursday for the Independence Day celebration. (With a report from Reuters.)
