spot_img
28.4 C
Philippines
Friday, March 29, 2024

Stock market rises; ICTSI advances

- Advertisement -

The stock market rose Wednesday along with the rest of Asia, but investors are growing nervous at the lack of news on China-US trade talks, with Washington yet to cancel tariffs on a swathe of Chinese goods planned for the weekend.

The Philippine Stock Exchange Index added 50.23 points, or 0.6 percent, to 7,786.41 on a value turnover of P5.3 billion. Gainers beat losers, 98 to 86, with 53 issues unchanged.   

Manila Water Co. Inc. of conglomerate Ayala Corp. slumped 13.9 percent to P12.48, while Metro Pacific Investments Corp., which is into toll roads, electricity and water distribution, hospitals and infrastructure, tumbled 13.1 percent to P3.19.

Manila Water and Maynilad Water Services Inc. , a unit of Metro Pacific, said they would not collect the P10.8 billion granted to them by the arbitral court in Singapore.

International Container Terminal Services Inc., the biggest operator, rose 3 percent to P120.50, while Bank of the Philippine Islands, the third-largest lender in terms of assets, climbed 2.9 percent to P89.

- Advertisement -

Asian markets, meanwhile, mostly rose Wednesday. US and Chinese Negotiators are still trying to hammer out a mini agreement and the mood on trading floors remains upbeat, while most observers are confident the two sides will eventually reach a deal, which has fed a global equities rally for weeks.

However, a fresh round of levies on $160 billion of Chinese exports to the US is due to be imposed on December 15, and there has been no word from the White House on a possible delay to that date.

The removal of tariffs is a key demand of Beijing’s in the talks.

And on Tuesday Donald Trump’s top economics adviser Larry Kudlow warned that the measures remained in play for now.

“The reality is that those tariffs are still on the table,” Kudlow said, although he did say that Trump had struck a “constructive and optimistic tone” on China.

The uncertainty weighed on Wall Street, with all three main indexes edging down.

Still, Asian markets reversed early losses to sit in positive territory in the afternoon.

Hong Kong jumped 0.8 percent and Shanghai added 0.2 percent, while Sydney gained 0.7 percent. Seoul, Singapore and Taipei were also well in the green, with Mumbai starting on an upbeat note.

But Tokyo finished 0.1 percent lower, with Bangkok also down.

“The fact the two sides are negotiating is a positive sign, as it’s when both sides are locked in a stand-off without communication, then traders get nervous,” said David Madden at CMC Markets UK.

On currency markets the pound tumbled against the dollar after a fresh poll predicted UK Prime Minister Boris Johnson’s ruling Conservatives would win a much smaller majority than a previous projection.

The YouGov opinion poll said the Tories would win Thursday’s vote, with a majority of 28 seats, sharply down from the 68 forecast in a similar study at the end of November.

Sterling has surged in recent weeks—sitting at an eight-month high on the greenback and a two-and-a-half-year peak against the euro—on expectations Johnson would win a big enough majority to push through his Brexit deal. With AFP

- Advertisement -

LATEST NEWS

Popular Articles