By James A. Loyola

The local stock market bucked the global weakness and managed to advance in anticipation of positive developments from the visit of the Chinese President.

The Philippine Stock Exchange index (PSEi) gained 32.68 points, or 0.45 percent, to close at 7,302.94 although sectoral indices were evenly split with the Financials, Holdings Firms and Property counters in the green. A total of 949.3 million shares valued at P6.92 billion changed hands. Decliners topped advancers, 109-84, with 47 issues unchanged.

“Philippine investors brushed off the tech meltdown from the US, to focus on the state visit President Xi Jinping,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “it is expected that the meeting would greatly deepen ties with China on both in terms of diplomacy and business development.”