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PSEi extends rally as market rides on buying momentum


Share prices on the Philippine Stock Exchange traded higher for the third straight trading day on Thursday as players ride on a buying momentum despite the weakness on Wall Street amid renewed trade war jitters.

The benchmark PSEi gained 16.85 points or 0.23 percent to 7,350.58 at the closing bell. The broader All Shares increased by 7.19 points or 0.16 percent to 4,455.20.

“The market continued to be perceived as a safe haven when US stocks fell sharply after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between to the two largest economies in the world, which some investors fear could morph into a full-swing trade war,” Regina Capital Development Corp. managing director Luis Limlingan said.

US stocks slid on Wednesday, led by industrial shares, after Washington’s threat to impose tariffs on an additional $200 billion worth of Chinese goods raised fears of an escalating trade war, according to a report by Reuters.

US officials issued a list of thousands of Chinese imports that the Trump administration wants to target with new tariffs. In response, China accused the United States of bullying and warned it would hit back.

Papa Securities Corp. equity trader Gio Perez noted that markets the region closed in the green as well.

Foreign funds bought P2.746 billion worth of shares and sold P3.009 billion for a net selling position of P262.817 million.

More than 2.130 billion shares valued at P5.531 billion, changed hands. Decliners led advancers, 106 to 84, and 46 issues were unchanged. —VDS, GMA News

Tags: phlstocks
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