PSEi recovers a bit from Monday’s rout
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 26 Mar 2019 16:21:35 +0000
THE stock market regained some ground on Tuesday with analysts pointing to bargain-hunting and net foreign buying as providing support following the previous day’s hammering.
The bellwether Philippine Stock Exchange index (PSEi) rose by 0.56 percent or 44.01 points to finish at 7,907.03. On Monday, it fell by nearly 2 percent — joining a global decline — on mounting fears of a global economic slowdown.
The broader All Shares, which had dropped 1.43 percent on Monday, grew by 0.36 percent or 17.58 points to end at 4,860.45.
Regina Capital Development Corp. head of sales Luis Limlingan said market players resorted to bargain-hunting, while Fidelity Securities
Inc. trader Jenesis dela Peña said net foreign buying helped lift PSEi.
Foreign funds loaded P2.9 billion worth of shares and disposed of P2.55 billion for a net foreign buying position of P370 million.
Dela Peña said the PSEi could sustain a recovery if it breaks the 8,140 resistance level.
Asian markets, meanwhile, ignored mixed leads overnight from Wall Street to also stage a rebound.
Tokyo led gains, jumping more than two percent — having dived three percent Monday — while Hong Kong edged 0.2 percent higher. Sydney added 0.1 percent, Singapore put on 0.4 percent and Seoul was up 0.2 percent.
Wellington, Taipei, Mumbai and Jakarta also rose, while Bangkok barely moved as rival camps jostled for position, hoping to form a government after Thailand’s first election since a coup.
Shanghai, on the other hand, tumbled 1.5 percent.
In Manila, sectoral results were mixed with the services and mining and oil indexes the only losers, down 0.10 percent and 0.35 percent, respectively.
More than 971 million shares valued at P5.39 billion changed hands.
Winners led losers, 112 to 76, while 42 issues were unchanged.
With a reports from AFP
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