Most Southeast Asian stock markets closed higher on Wednesday, with Philippines rising nearly 3 per cent, on rising optimism that talks between China and the United States could end a months-long trade war between the world's top two economies, reports Reuters.
Chinese and US teams ended trade talks in Beijing on Wednesday that lasted longer than expected, with China's Foreign Ministry spokesman Lu Kang saying that the longer-than-expected negotiations suggested the countries were serious in talks.
"Sentiment across the region is improving due to the current talks between US and China, as investors are already buying back their positions in the market in expectation of positive results," said Rachelle Cruz, an analyst with AP Securities.
Philippine shares closed 2.8 per cent higher, posting their sharpest gain since Sept. 21, 2018 and their highest close in nine months, supported by industrials.
Conglomerates SM Investments Corp and JG Summit Holdings Inc advanced 6.1 per cent and 5.9 per cent, respectively.
"Foreign investors are coming back to the Philippine markets since the macro concerns have partly improved and the currency has strengthened against the dollar," said Cruz.
Foreign investors have invested a net $75.53 million in equities so far this year after offloading $1.08 billion last year.
© 2017 - All Rights with The Financial Express