THE MAIN INDEX eked out gains after trading in negative territory for most of Wednesday’s session, as investors went on selective buying at the close.

The benchmark Philippine Stock Exchange index (PSEi) added 0.2% or 16.06 points to close at 7,926.69, managing to end higher even as it dropped by 1.97% intraday. The broader all-shares index, meanwhile, shed 0.19% or 9.57 points to 4,876.98.

“Shares were sold down heavily for most of the day as trade tensions heightened despite confirmation that negotiations will continue,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

“However at closing, many decided to cherry pick key names as many await for the release of 1Q GDP (gross domestic product) and the outcome of the BSP (Bangko Sentral ng Pilipinas) meeting both happening [on Thursday],” Mr. Limlingan added.

US President Donald J. Trump has promised to double tariffs on $200 billion worth of Chinese goods this Friday, even as Beijing attempts to continue trade talks. A Chinese delegation headed by Chinese Vice Premier Liu He is seen to resume the negotiations in Washington on Thursday.

The looming increase in tariffs continued to rock world markets, with the Dow Jones Industrial Average plummeting 1.79% or 473.39 points to 25,965.09. The S&P 500 index fell 1.65% or 48.42 points to 2,884.05, while the Nasdaq Composite index slid 1.96% or 159.53 points to 7,963.76.

Fears of the trade war, however, were offset by expectations on the first-quarter GDP results to be released back home. A BusinessWorld poll of 20 economists last week yielded a median GDP growth estimate of 6.1% for the quarter, easing from the 6.3% growth seen in the fourth quarter of 2018.

The BSP is also set to have its policy meeting today, where five out of 10 analysts in another poll expect the central bank to keep rates steady.

“With the index’s swift recovery today, all that’s left to look forward to in the next few days would be how US markets move in the following nights and the aforementioned economic data tomorrow,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Wednesday.

Four sectoral indices ended in the red, led by mining and oil which plunged 2.05% or 158.57 points to 7,570.08. Services followed with a 1.21% or 19.88-point drop to 1,613.73. Property slumped 0.83% or 35.15 points to 4,174.75, while industrials slipped 0.04% or 4.69 points to 11,655.01.

In contrast, financials jumped 1.06% or 18.61 points to 1,768.30, while holding firms climbed 0.68% or 51.57 points to 7,620.22.

Turnover improved to P7.12 billion after some 790.41 million issues switched hands, from Tuesday’s P5.51 billion.

Decliners were more than double that of advancers, 133 to 63, while 46 names were unchanged.

Net foreign selling persisted at P360.93 million, swelling from the previous session’s P7.93-million net outflow. — Arra B. Francia

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