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PSEi to track US-China trade war

 

The local bourse may return to the 7,900 level this week should Washington and Beijing give out hints that an interim trade deal is likely, putting investors at ease.

The protracted trade war between the world’s biggest economies have been causing market fluctuations since last year as its developments weigh on investor sentiment.

Philstocks Financial Inc. research associate Claire Alviar said: “A range bound trading between 7,700 and 7,900 is expected [this week].”

“If trade deal hopes increase, then we may see the market in positive territory. However, a negative sentiment on it will weigh on the bourse as the next tranche of the US tariffs on Chinese imports is set to take effect,” she added.

Optimism over the trade talks were renewed last week after the US said negotiations were going smoothly.


To recall, US President Donald Trump earlier suggested that a trade deal with China could be pushed back until after the 2020 election, driving market sentiment down.

On the local front, this week’s meeting of the Bangko Sentral ng Pilipinas is not seen affecting the local bourse, Alviar said, as it earlier said that interest rates were being maintained at 4 percent.

Brokerage 2TradeAsia, meanwhile, pegged the immediate support and resistance at 7,500 to 7,700 and 7,850 to 7,950, respectively.

The benchmark Philippine Stock Exchange index climbed by 0.14 percent or 10.81 points to finish at 7,801.72 while the wider All Shares gained 0.12 percent or 5.33 points to end at 4,645.96 on Friday.

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Today’s Front Page January 18, 2020

Today’s Front Page January 18, 2020