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Local stocks rebound amid positive US-China trade negotiations

Business | The Stock Market

Local stocks rebound amid positive US-China trade negotiations

By James A. Loyola

The Philippine Stock Exchange index (PSEi) rose as investors reacted positively to the ongoing trade discussions between the United States and China.

The main index gained 33.65 points (0.53 percent), closing at 6,381.32 on Wednesday, June 11. The Industrial sector led the advance.

Trading volume declined to 897 million shares valued at ₱7.14 billion. Gainers outnumbered losers 104 to 91, with 44 stocks remaining unchanged.

"Philippine shares rebounded [due to] optimism over U.S.-China trade talks, which continued for a second day in London. Commerce Secretary Howard Lutnick said discussions may conclude Tuesday night or extend into Wednesday," said Luis Limlingan, Managing Director at Regina Capital Development Corporation.

Investors are closely monitoring for a deal that would prevent the imposition of steep tariffs, especially after last month’s temporary duty reductions.

Japhet Tantiangco, Research Manager at Philstocks Financial, noted, "The local market ended higher following positive cues from Wall Street. Investors cheered the consensus reached by the US and China in their trade talks in London."

Michael L. Ricafort, Chief Economist at Rizal Commercial Banking Corporation, added, "The US and China agreed to a framework for de-escalating trade tensions by implementing the consensus they reached in Geneva; the proposal will be sent to Trump and Chinese President Xi Jinping for approval."

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