Earnings, trade news lift stocks, peso down

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    The Philippine Stock Exchange index was up 64.11 points to 7,955.24, a 0.81 percent hike.

    The broader all shares index was up 30.36 points to 4,784.11, a 0.64 percent hike.

    Losers edged gainers 94 to 85 with 61 stocks unchanged.

    Trading turnover reached P6.04 billion.

    The peso closed at 51.18 to the dollar, down from 51.105 on Friday.

    The currency opened at 51.07, hit a high of 51.05 and a low of 51.245. Trading turnover reached $1.4 billion.

    “Shares traded higher on stronger activity, boosted by optimism around US-China trade talks as well as the corporate earnings season,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “President Donald Trump said China has indicated that talks over an initial trade deal are advancing, raising expectations he and (Chinese President) Xi Jinping could sign a pact at next month’s APEC (Asia-Pacific Economic Cooperation) Summit. Earlier Monday, Commerce Secretary Wilbur Ross said it’s more important to get the details right than to meet that target. The president could drop a tariff boost planned for December if negotiations go well, economic adviser Larry Kudlow said,” Limlingan added.

    Most actively traded SM Investments Corp. was up P9 to P1,014. Ayala Land Inc. was down P0.05 to P48.80. Metropolitan Bank and Trust Co. was up P1.10 to P71.90. Ayala Corp. was up P10.50 to P870.50. SM Prime Holdings Inc. was up P0.45 to P38.50. Bank of the Philippine Islands was up P2.10 to P97.60. International Container Terminal Services Inc. was up P0.70 to P123.70. BDO Unibank Inc. was down P0.50 to P148.40. Robinson Retail Holdings Inc. was down P0.60 to P76. JG Summit Holdings Inc. was up P1.95 to P73.50.