Bargain hunting, US-China truce lift PHL shares

PHILIPPINE STOCKS inched up on Tuesday to snap their three-day losing streak as investors searched for bargains and amid the 90-day extension of the tariff truce between the United States and China.

- — Revin Mikhael D. Ochave with Reuters

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.56% or 35.49 points to close at 6,289.85, while the broader all shares index went up by 0.42% or 16.02 points to 3,751.27.

“The local market bounced back this Tuesday as investors hunted for bargains following three straight days of decline. The local bourse also joined many of its regional peers in cheering the extended tariff truce between the US and China,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said ina Viber message.

The United States and China have extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods as US retailers get ready to ramp up inventories ahead of the critical end-of-year holiday season, Reuters reported.