Photo: US President Donald Trump and Chinese PreisdentXi jin Ping visit Beijing. (WhiteHouse)
Positive sentiment returned to Asia Friday, fuelling the recovery of the Philippine Stock Exchange index (PSEi) and sustained the Peso as the trading at the close of the trading week.
The PSEi rose by 0.88 percent, or 66.16 points, to 7,583.52 points, which a trader pointed to news reports on the scheduled meeting between US and Chinese officials to thresh out trade issues.
Gio Perez of Papa Securities Corp. (PSC), in a note, said PSEi, along with its counterparts in the region, were lifted by the rise in US markets last night. He said Dow Jones rose as much as 400 points following news about a planned meeting between US and Chinese authorities to try to smooth out lingering trade issues later this month.
He, however, said market players “need to remain vigilant” for developments overseas this weekend following reports on Turkey’s currency crisis, which is the main factor for markets’ performance this week.
The rise of the main stocks gauge was mirrored by the All Shares after it increased by 0.46 percent, or 21.29 points, to 4,606.69 points.
Likewise the Philippine Peso ended the week higher at 53.425 from 53.44 Thursday, which a trader said is in line with the performance of other currencies in the region reacting to the US-China talks. The trader said optimism among investors returned since the scheduled meeting might avert a dreaded trade war between the world’s two largest economies.
Friday volume reached USD581.88 million, down from the USD844.1 million in the previous session.
The currency pair is seen to trade between 53.20 and 53.60 next week. ( with reports from PNA) Photo: whitehouse.gov