Net foreign buying boosts PSEi
The stock market advanced for a fifth straight day on Monday, bucking a regional decline that was fueled by investor caution ahead of key central bank meetings.
The benchmark Philippine Stock Exchange index (PSEi) grew 0.93 percent or 71.94 points to close at 7,773.32 while the broader All Shares gained 0.65 percent or 29.75 points to end at 4,645.28.
Brokerage firm SB Equities, Inc., in a market note, attributed gains to the continued inflow of foreign funds as well as more earnings results from listed firms.
Foreign funds sold P2.6 billion and bought P3.1 billion for a net foreign buying position of P511 million.
“Despite opening weaker, the foreign inflow helped the PSEi steadily rise throughout the session,” it said.
Papa Securities Corp. trader Gio Perez said month-end windowdressing also helped buoy the index.
Elsewhere in the region, investors were said to have reacted poorly to latest US growth data given views that the economy may have peaked. Sentiment was also muted ahead of meetings by the US Federal Reserve and the Bank of Japan.
The Nikkei fell by 0.74 percent, Shanghai was down 0.16 percent and Hong Kong also declined.
Back in Manila, the financials index was the only decliner, dropping by 1.07 percent.
Volume turnover reached 1.02 billion shares valued at P5.6 billion.
Winners outnumber losers, 98 to 91, while 57 issues were unchanged.
WITH A REPORT FROM AFP
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