Foreign buying, Q2 results boost stock market
THE stock market briefly returned to the 7,600 level on Wednesday, supported by net foreign buying and positive earnings results from listed firms.
The benchmark Philippine Stock Exchange index rose to as high as 7,620.39 before losing some steam to end the day up 0.90 percent or 66.98 points at 7,514.00.
The wider All Shares grew 0.67 percent or 30.30 points to finish at 4,535.53.
“Philippine markets broke past the 50-day moving average supported by some net foreign buying,” Regina Capital Development Corp. Managing Director Luis Limlingan said, adding that the result also mirrored overnight gains on Wall Street.
Foreign funds bought P3.02 billion and sold P2.77 billion for a net foreign buying position of P246 million.
Diversified Securities, Inc. trader Aniceto Pangan said the gains were also due to positive second-quarter corporate earnings reports that had started to trickle in.
“It’s more of the domestic and the recent release of income…of listed companies, which show that they’re still growing despite the recent trends in inflation in prices, which bodes well for the Philippine market,” he said.
Sectoral results were mixed with the industrial and mining and oil sectors losing 0.43 percent and 0.74 percent, respectively.
Over 1.4 million issues valued at P6.9 billion were traded
Winners led losers, 125 to 72, while 46 issues were unchanged.
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