PSEi climbs 1.8% on window dressing
The stock market ended the week with a return to 7,100 territory, a positive result that analysts traced to quarter-end window-dressing after Monday’s plunge to the 6,900 level.
The benchmark Philippine Stock Exchange index (PSEi) rose 1.8 percent or 127.11 points to close at 7,193.68 on Friday. The wider All Shares advanced 1.61 percent or 69.55 points to finish at 7,193.68.
“It’s the end of the second quarter so fund managers were busy window dressing their portfolios and this activity boosted our index upward,” Timson Securities, Inc. trader Jervin de Celis said.
Papa Securities trade Gio Perez echoed this, adding that net foreign buying had helped lift the market.
Foreign funds on Friday bought P4.23 billion and sold P3.7 billion issues for a net foreign buying position of P526 million.
Diversified Securities, Inc. trader Aniceto Pangan pointed to regional gains as having boosted sentiment.
Tokyo inched up 0.15 percent, Shanghai surged 2.17 percent and Hong Kong jumped by 1.61 percent on signs that trade tensions between the United States and China could be easing.
In Manila, all sectors were in the green led by property, which rose by 3.05 percent.
Over 750 million issues valued at P7.12 billion changed hands.
Advancers led decliners, 120 to 82, while 43 issues were unchanged.
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