Bourse reaches 3-week high
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 31 May 2019 16:21:18 +0000
THE stock market climbed back to the 7,900 territory on Friday on account of the month-end window dressing and foreign buying.
The bellwether Philippine Stock Exchange index (PSEi) rose by 1.70 percent or 133.47 points to close at 7,970.02, a three-week high, while the broader All Shares rose by 1.42 percent or 68.31 points to end at 4,890.37.
P2P Trade Online sales associate Gabriel Jose Perez noted the heavy foreign fund inflow during the day.
Net foreign buying picked up further to P734 million as foreigners bought P5.2 billion issues and sold P4.49 billion.
Regina Capital Development Corp. head of sales Luis Limlingan pointed to window dressing as having driven investors to bargain-hunt.
The local market traded in line with its US counterparts, with the Dow Jones, S&P 500, and Nasdaq Composite up 0.17 percent, 0.21 percent and 0.27 percent, respectively.
Its Asian peers were mixed, with Tokyo falling 1.63 percent, Shanghai slipping 0.24 percent, Hong Kong declining 0.86 percent, Singapore dropping 0.44 percent, and Bangkok dipping 0.31 percent.
In contrast, Seoul inched up 0.14 percent and Jakarta increased 1.33 percent.
In Manila, all sectoral indices finished firmer, with the mining and oil up the most by 3.59 percent.
More than 669 million issues were traded valued at P8.5 billion.
Winners led losers, 105 to 72, while 52 issues were unchanged.
The post Bourse reaches 3-week high appeared first on The Manila Times Online.