LOCAL SHARES sustained their momentum on the last day of this week’s trading after positive developments in the trade talks between the United States and China.

The Philippine Stock Exchange index (PSEi) gained 84.91 points or 1.09% to close at 7,849.94 on Friday, while the broader all shares index also jumped 49.59 points or 1.05% to 4,741.49.

“Local stocks advanced after President Donald Trump said he would meet China’s chief trade negotiator at the White House, again raising hopes for progress from two days of talks in Washington in an effort to resolve the two-year-old trade war,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

US and China resumed trade talks on Thursday in Washington DC, which Mr. Trump said resulted in a “very, very good negotiation,” Reuters reported.

The trade talks will resume Friday and Mr. Trump is scheduled to meet with Chinese Vice Premier Liu He after.

All sectoral indices improved on Friday, led by property which increased 56.23 points or 1.38% to 4,129.68.

Holding firms added 93.93 points or 1.24% to end at 7,670.38; services rose 14.21 points or 0.94% to 1,526.32; industrials climbed 90.82 points or 0.85% to 10,677.38; mining and oil gained 68.62 points or 0.75% to 9,178.36; and financials moved up 9.12 points or 0.5% to 1,821.17.

Value turnover dropped to P4.5 billion on Friday from P14.46 billion the previous session, with 428.87 million shares changing hands.

Advancers defeated decliners, 121 to 58, while 48 names were unchanged.

Foreigners turned net sellers anew, as net outflows totalled P233.69 million on Friday, a reversal of Thursday’s net buying worth P5.07 billion. — D.A. Valdez with Reuters