Philippine stock rebounded on Monday to snap up a two-day winning streak as investors bargained as they waited for the country’s development. and USA.
The Philippine Stock Exchange Index (PSEI) jumped 1% or 65.16 points to 6,525.04, while the widespread all-stock index climbed to 0.52% or 19.83 points to 3,832.36.
This is PSEI’s best result in two months, or ended at 6,551.81 on May 14.
“As investors decline for two consecutive days, investors rebounded as they chased bargains after two consecutive days of decline,” Japhet Louis O. Tantianco, research manager at Philstocks Financial Inc., said in a Viber message.
“It can also be seen that the rise of the market reflects the hope of a trade deal between the Philippines and the United States by August 1,” he added.
U.S. President Donald J. Trump raised reciprocal import tariffs on Filipino goods to 17% announced in April last week. The Philippines hopes to raise U.S. tariffs before the August 1 deadline. Business Secretary. Cristina A.
“Investors in the Philippines shrugged and presented the latest developments in the Trump administration’s shutdown of higher tariffs,” Regina Capital Development Corp. Luis A. Limlingan said in a Viber message.
Mr. Trump threatened to impose 30% tariffs on imports from the EU and Mexico on Saturday, a failure to generate a comprehensive trade agreement after weeks of negotiations with major U.S. trading partners, Reuters reported.
In response, the EU said on Sunday that it would extend its countermeasures to U.S. tariffs until early August and continue to promote a negotiated settlement.
All sector indexes were closed on Monday. Mining and oil rose 2.95% or 280 points to 9,746.73; holding companies rose 2.18% or 122.95 points to 5,744.06; properties rose 0.96% or 23.70 points to 2,476.72; services climbed 0.33% or 7.30 points to 2,202.44; industrialists rose 0.2% or 19 points to 9,244.49; financial positions rose 2,240.49 at 0.1% or 2.24 points.
Mr Tantiangco said: “JG Summit Holdings, Inc. was the index leader for the day, jumping 6.3% to P21.95. Bloomberry Resorts Corp., the main index Laggard, fell 4.84% to P4.52.”
Value turnover fell to pesos 6.5 billion on Monday, with 2.3 billion shares trading from pesos 19.45 billion on Friday, and 4.4 billion on Friday.
The average distribution of progressivers and falleners is 97, while 67 names have not changed.
Net foreign purchases increased to 632.44 million from 62.47 million pesos on Friday. – Revin Mikhael D. Ochave and Reuters
