PSEi climbs to 4-month high after US-China truce

PHILIPPINE stocks on Tuesday hit their highest close in more than four months as investors cheered the 90-day tariff truce between the US and China.

- By Revin Mikhael D. Ochave

The bellwether Philippine Stock Exchange Index (PSEi) went up 1.68% or 108.62 points to 6,566.82, while the broader all-share index gained 1.12% or 42.48 points to 3,805.33.

‘The stock advance came a day after general peaceful midterm elections.

“The PSEi surged above the key resistance around 6,500 on strong volume as investors bought into positive news of a 90-day detente in the US-China trade war, as well as the generally peaceful outcome of the Philippine midterm elections,” Juan Paolo E. Colet, managing director at China Bank Capital Corp., said in a Viber message.